Is KALA halal?
KALA BIO, Inc.
Doubtful
No clear verdict is possible for KALA BIO, Inc. — data is insufficient or the case is contested in fiqh. As a precaution it is NOT included in the halal list.
Checked: 14 October 2026
Exchange
NASDAQ
Price
0.1899
Day
-1.30%
Market cap
$5.0M
Industry
Biotechnology
Sector
Healthcare
What the company does
KALA BIO (Massachusetts) develops KPI-012 (a stem-cell secretome eye drop) for corneal diseases, in clinical trials. No commercial product; investor-funded.
What was checked
The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.
Business activity
No prohibited activity
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $0 ÷ 36-month average market cap $37.22M = 0.0%
0.0%
Pass
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $7.23M ÷ 36-month average market cap $37.22M = 19.4%
19.4%
Pass
Non-compliant income / total revenue
limit 5%
—
No data
Figures from the company's filings (2026-06-30), USD. Market cap is a 36-month average (the S&P Shariah index approach), so a one-day price move does not flip the verdict. Today's market cap: $4.97M.
For information (AAOIFI 3/1 note): cash + receivables are 70.3% of total assets (2026-06-30). AAOIFI recommends tangible assets of at least one third — this figure does not affect the verdict, and other major screeners do not apply it either.
In the lists
- In the S&P 500
- Not in the S&P 500
- Held by funds
- Not held by any tracked fund
Halal stocks in the same industry
The largest halal stocks in Biotechnology — for comparison.
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- Halal investingBlogAAOIFI Shariah Standard No. 21 in plain languageThe most widely used standard for halal stock screening: the two-step test, the three ratios and how it differs from other methods.
Halal is the first question. The second: when to enter?
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This is neither investment advice nor a fatwa. Screening is based on public financial statements and AAOIFI standard No. 21; data may lag. For a personal decision consult your own scholar.