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0pt 6pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><a id="_7f3171f0_4428_4020_bd98_8c239380a0f5"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:16pt;font-weight:bold;">UNITED STATES</b><b style="font-size:16pt;font-weight:bold;"><br /></b><b style="font-size:16pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">WASHINGTON, D.C. 20549</b></p><div style="font-family:'Times New Roman','Times','serif';font-size:12.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:100%;border:none;margin:0 auto;"></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:18pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FORM&#160;</b><ix:nonNumeric contextRef="Duration_1_18_2023_To_1_18_2023_OvZlDB5CAkGS9nhq43Hcpg" name="dei:DocumentType" id="Narr_L_sT2btxkkGZXWbj4EmyZQ"><b style="font-weight:bold;">8-K</b></ix:nonNumeric></p><div style="font-family:'Times New Roman','Times','serif';font-size:12.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:100%;border:none;margin:0 auto;"></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">CURRENT REPORT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Pursuant to Section&#160;13 or 15(d)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b 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style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:32.02%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">The <ix:nonNumeric contextRef="Duration_1_18_2023_To_1_18_2023_OvZlDB5CAkGS9nhq43Hcpg" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Narr_c2kh_e44NEelhRHNBPqXCQ">Nasdaq</ix:nonNumeric> Capital Market</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 3pt 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">Emerging growth company&#160; <ix:nonNumeric contextRef="Duration_1_18_2023_To_1_18_2023_OvZlDB5CAkGS9nhq43Hcpg" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="Narr_m41Eeq2c1USzOAzbW7_idQ"><span style="font-family:'Segoe UI Symbol';">&#9744;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 3pt 0pt;"><span style="font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act.&#160; </span><span style="font-family:'Segoe UI Symbol';font-size:10pt;">&#9744;</span>&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:1pt;min-height:1.0pt;border-bottom:2.25pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="display:none;line-height:0pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><a id="_0c3aa8b8_b6dd_4f9a_af03_a40878406f13"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;">Item 1.01.  Entry into a Material Definitive Agreement.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">On January 19, 2023, Kala Pharmaceuticals, Inc., a Delaware corporation (the &#8220;<span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Company</span>&#8221;), entered into an Open Market Sale Agreement<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">SM</sup> (the &#8220;<span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Sales Agreement</span>&#8221;) with Jefferies LLC, as agent (&#8220;<span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Jefferies</span>&#8221;), pursuant to which the Company may offer and sell shares of its common stock, $0.001 par value per share (the &#8220;<span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Common Stock</span>&#8221;), from time to time through Jefferies. The Company has also filed a prospectus supplement (the &#8220;<span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Prospectus Supplement</span>&#8221;) relating to the Sales Agreement with the Securities and Exchange Commission (the &#8220;<span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">SEC</span>&#8221;) under the Company&#8217;s existing shelf Registration Statement on Form S-3 (File No. 333-238087), which was declared effective on May 19, 2020 (the &#8220;<span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Registration Statement</span><span style="white-space:pre-wrap;">&#8221;).  Pursuant to the Prospectus Supplement, the Company may offer and sell shares of Common Stock having an aggregate offering price of up to $40.0 million under the Sales Agreement (the &#8220;</span><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Shares</span>&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Upon delivery of an issuance notice and subject to the terms and conditions of the Sales Agreement, Jefferies may sell the shares of Common Stock at market prices by any method deemed to be an &#8220;at the market offering&#8221; as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the &#8220;<span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Securities Act</span>&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Company or Jefferies may suspend or terminate the offering of shares of Common Stock upon notice to the other party, subject to certain conditions. Jefferies will act as sales agent on a commercially reasonable efforts basis consistent with its normal trading and sales practices.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Company has agreed to pay Jefferies commissions for its services of acting as agent of up to 3.0% of the gross proceeds from the sale of shares of Common Stock pursuant to the Sales Agreement. The Company has also agreed to provide Jefferies with customary indemnification and contribution rights.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">A copy of the Sales Agreement is attached as Exhibit 1.1 hereto and is incorporated herein by reference. The foregoing description of the material terms of the Sales Agreement is qualified in its entirety by reference to such exhibit.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the Company, has issued a legal opinion relating to the Shares. A copy of such legal opinion, including the consent included therein, is attached as Exhibit 5.1 hereto.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Shares will be sold pursuant to the Registration Statement, and offerings of the Shares will be made only by means of the Prospectus Supplement. This Current Report on Form 8-K shall not constitute an offer to sell or solicitation of an offer to buy the Shares, nor shall there be any sale of the Shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of such state or jurisdiction.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Item 8.01. Other Events.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Prior Sales Agreement</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Company previously was party to an Amended and Restated Sales Agreement with Jefferies, dated May 7, 2020 (the &#8220;<span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Prior Sales Agreement</span><span style="white-space:pre-wrap;">&#8221;), pursuant to which the Company could offer and sell shares of its Common Stock for aggregate gross sale proceeds of up to $75.0 million through Jefferies by any method deemed to be an &#8220;at the market offering&#8221; as defined in Rule 415(a)(4) promulgated under the Securities Act. On January 10, 2023, the Prior Sales Agreement terminated in accordance with its terms when the Company completed the sale of $75.0 million of its shares of Common Stock pursuant to the Prior Sales Agreement. The Company will not make any further sales of its Common Stock pursuant to the Prior Sales Agreement or the related prospectus, dated May 19, 2020, under the Registration Statement. As of the date of termination of the Prior Sales Agreement, the Company had sold an aggregate of 565,974 shares of its Common Stock under the Prior Sales Agreement for aggregate gross proceeds of $75.0 million. From September 30, 2022 through January 10, 2023, the Company issued and sold an aggregate of 394,348  shares of Common Stock pursuant to the Prior Sales Agreement for aggregate net proceeds of $11.0 million.  </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Oxford Loan Agreement Prepayments</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">As previously disclosed, on December 27, 2022, the Company and Combangio, Inc., its wholly-owned subsidiary, entered into an amendment (the &#8220;<span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Amendment</span>&#8221;) with Oxford Finance LLC to the Loan and Security Agreement, dated May 4, 2021 (as amended, the &#8220;<span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Loan Agreement</span>&#8221;), by and among the Company, Combangio, Inc. and Oxford Finance LLC, in its capacity as lender (in such capacity, the &#8220;<span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Lender</span>&#8221;), and in its capacity as collateral agent (in such capacity, the &#8220;<span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Agent</span>&#8221;). Pursuant to the Amendment, the Company agreed, among other things, to make partial prepayments of the </p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">principal amount of the term loan outstanding under the Loan Agreement as follows (collectively, the &#8220;<span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Prepayments</span>&#8221;): (1) a payment of $5,000,000 on or before June 30, 2023, representing a partial prepayment of principal in the amount of $4,672,897.20, plus a final payment fee of $327,102.80 and (2) a payment of $5,000,000 on or before January 31, 2024, representing a partial prepayment of principal in the amount of $4,672,897.20, plus a final payment fee of 327,102.80, plus in each case accrued and unpaid interest through the date of prepayment. Following recent sales under the Prior Sales Agreement, on January 18, 2023, the Company notified the Lender and Agent of its intention to make the Prepayments, including the final payment fees and accrued and unpaid interest thereon, on February 2, 2023 in satisfaction of the Company&#8217;s obligations under the Amendment. Upon such payments, the principal amount of the term loan outstanding under the Loan Agreement will total approximately $34.0 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Item 9.01. Financial Statements and Exhibits.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">(d) Exhibits:</p><div style="padding-left:32.4pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:91.98%;"><tr style="height:1pt;"><td style="vertical-align:top;width:10.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:2.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:87.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:10.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 3.5pt;"><b style="font-weight:bold;">Exhibit No.</b></p></td><td style="vertical-align:bottom;width:2.63%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;width:87.06%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Description </b></p></td></tr><tr><td style="vertical-align:top;width:10.3%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 3.5pt;">1.1</p></td><td style="vertical-align:top;width:2.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:87.06%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="kala-20230118xex1d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Open Market Sale Agreement</span><sup style="font-family:'Times New Roman','Times','serif';font-size:7.5pt;font-style:normal;font-weight:normal;line-height:100%;top:0pt;vertical-align:top;">SM</sup><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">, dated as of January 19, 2023, by and between Kala Pharmaceuticals, Inc. and Jefferies LLC.</span></a></p></td></tr><tr><td style="vertical-align:top;width:10.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 3.5pt;">5.1</p></td><td style="vertical-align:top;width:2.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:87.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="kala-20230118xex5d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Opinion of Wilmer Cutler Pickering Hale and Dorr LLP.</span></a></p></td></tr><tr><td style="vertical-align:top;width:10.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 3.5pt;">23.1</p></td><td style="vertical-align:top;width:2.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:87.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="kala-20230118xex5d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Consent of Wilmer Cutler Pickering Hale and Dorr LLP (contained in Exhibit 5.1 above).</span></a></p></td></tr><tr><td style="vertical-align:top;width:10.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 3.5pt;">104</p></td><td style="vertical-align:top;width:2.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:87.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Cover Page Interactive Data File (embedded within the Inline XBRL document).</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;margin:0pt 0pt 12pt 0pt;">SIGNATURES</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:top;width:49.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:3.49%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:top;width:46.67%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:top;width:49.83%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:top;width:50.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">KALA PHARMACEUTICALS,&#160;INC.</p></td></tr><tr><td style="vertical-align:top;width:49.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:3.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:46.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:49.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Date: January 19, 2023</p></td><td style="vertical-align:top;width:3.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:&#160;</p></td><td colspan="2" style="vertical-align:top;width:46.67%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Eric L. Trachtenberg </p></td></tr><tr><td style="vertical-align:top;width:49.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:6.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Name:&#160;</p></td><td style="vertical-align:top;width:39.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Eric L. Trachtenberg</p></td></tr><tr><td style="vertical-align:top;width:49.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:6.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Title:</p></td><td style="vertical-align:top;width:39.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">General Counsel, Chief Compliance Officer &amp; Corporate Secretary</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
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​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 18, 2023
Kala Pharmaceuticals, Inc.
(Exact Name of Company as Specified in its Charter)
​
​
​
​
Delaware
001-38150
27-0604595
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
​
1167 Massachusetts Avenue
Arlington
,
MA
02476
(Address of Principal Executive Offices) (Zip Code)
Company's telephone number, including area code:
(
781
)
996-5252
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
​
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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​
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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​
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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​
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
​
Securities registered pursuant to Section 12(b) of the Act:
​
​
​
​
​
​
Title of each class
​
Trading symbol(s)
​
Name of each exchange on which registered
Common Stock, $0.001 par value per share
​
KALA
​
The
Nasdaq
Capital Market
​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
​
Item 1.01.  Entry into a Material Definitive Agreement.
On January 19, 2023, Kala Pharmaceuticals, Inc., a Delaware corporation (the "
Company
"), entered into an Open Market Sale Agreement
SM
(the "
Sales Agreement
") with Jefferies LLC, as agent ("
Jefferies
"), pursuant to which the Company may offer and sell shares of its common stock, $0.001 par value per share (the "
Common Stock
"), from time to time through Jefferies. The Company has also filed a prospectus supplement (the "
Prospectus Supplement
") relating to the Sales Agreement with the Securities and Exchange Commission (the "
SEC
") under the Company's existing shelf Registration Statement on Form S-3 (File No. 333-238087), which was declared effective on May 19, 2020 (the "
Registration Statement
").  Pursuant to the Prospectus Supplement, the Company may offer and sell shares of Common Stock having an aggregate offering price of up to $40.0 million under the Sales Agreement (the "
Shares
").
Upon delivery of an issuance notice and subject to the terms and conditions of the Sales Agreement, Jefferies may sell the shares of Common Stock at market prices by any method deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the "
Securities Act
").
The Company or Jefferies may suspend or terminate the offering of shares of Common Stock upon notice to the other party, subject to certain conditions. Jefferies will act as sales agent on a commercially reasonable efforts basis consistent with its normal trading and sales practices.
The Company has agreed to pay Jefferies commissions for its services of acting as agent of up to 3.0% of the gross proceeds from the sale of shares of Common Stock pursuant to the Sales Agreement. The Company has also agreed to provide Jefferies with customary indemnification and contribution rights.
A copy of the Sales Agreement is attached as Exhibit 1.1 hereto and is incorporated herein by reference. The foregoing description of the material terms of the Sales Agreement is qualified in its entirety by reference to such exhibit.
Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the Company, has issued a legal opinion relating to the Shares. A copy of such legal opinion, including the consent included therein, is attached as Exhibit 5.1 hereto.
The Shares will be sold pursuant to the Registration Statement, and offerings of the Shares will be made only by means of the Prospectus Supplement. This Current Report on Form 8-K shall not constitute an offer to sell or solicitation of an offer to buy the Shares, nor shall there be any sale of the Shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of such state or jurisdiction.
Item 8.01. Other Events.
Prior Sales Agreement
The Company previously was party to an Amended and Restated Sales Agreement with Jefferies, dated May 7, 2020 (the "
Prior Sales Agreement
"), pursuant to which the Company could offer and sell shares of its Common Stock for aggregate gross sale proceeds of up to $75.0 million through Jefferies by any method deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act. On January 10, 2023, the Prior Sales Agreement terminated in accordance with its terms when the Company completed the sale of $75.0 million of its shares of Common Stock pursuant to the Prior Sales Agreement. The Company will not make any further sales of its Common Stock pursuant to the Prior Sales Agreement or the related prospectus, dated May 19, 2020, under the Registration Statement. As of the date of termination of the Prior Sales Agreement, the Company had sold an aggregate of 565,974 shares of its Common Stock under the Prior Sales Agreement for aggregate gross proceeds of $75.0 million. From September 30, 2022 through January 10, 2023, the Company issued and sold an aggregate of 394,348  shares of Common Stock pursuant to the Prior Sales Agreement for aggregate net proceeds of $11.0 million.
Oxford Loan Agreement Prepayments
As previously disclosed, on December 27, 2022, the Company and Combangio, Inc., its wholly-owned subsidiary, entered into an amendment (the "
Amendment
") with Oxford Finance LLC to the Loan and Security Agreement, dated May 4, 2021 (as amended, the "
Loan Agreement
"), by and among the Company, Combangio, Inc. and Oxford Finance LLC, in its capacity as lender (in such capacity, the "
Lender
"), and in its capacity as collateral agent (in such capacity, the "
Agent
"). Pursuant to the Amendment, the Company agreed, among other things, to make partial prepayments of the
principal amount of the term loan outstanding under the Loan Agreement as follows (collectively, the "
Prepayments
"): (1) a payment of $5,000,000 on or before June 30, 2023, representing a partial prepayment of principal in the amount of $4,672,897.20, plus a final payment fee of $327,102.80 and (2) a payment of $5,000,000 on or before January 31, 2024, representing a partial prepayment of principal in the amount of $4,672,897.20, plus a final payment fee of 327,102.80, plus in each case accrued and unpaid interest through the date of prepayment. Following recent sales under the Prior Sales Agreement, on January 18, 2023, the Company notified the Lender and Agent of its intention to make the Prepayments, including the final payment fees and accrued and unpaid interest thereon, on February 2, 2023 in satisfaction of the Company's obligations under the Amendment. Upon such payments, the principal amount of the term loan outstanding under the Loan Agreement will total approximately $34.0 million.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
​
Exhibit No.
Description
1.1
​
Open Market Sale Agreement
SM
, dated as of January 19, 2023, by and between Kala Pharmaceuticals, Inc. and Jefferies LLC.
5.1
​
Opinion of Wilmer Cutler Pickering Hale and Dorr LLP.
23.1
​
Consent of Wilmer Cutler Pickering Hale and Dorr LLP (contained in Exhibit 5.1 above).
104
​
Cover Page Interactive Data File (embedded within the Inline XBRL document).
​
​
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
KALA PHARMACEUTICALS, INC.
​
​
Date: January 19, 2023
By:
/s/ Eric L. Trachtenberg
​
​
Name:
Eric L. Trachtenberg
​
​
Title:
General Counsel, Chief Compliance Officer & Corporate Secretary
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​
​