Kiora Pharmaceuticals Reports Fourth-Quarter and Full-Year 2025 Results; Company Advances Retinal Disease Pipeline with Two Active Phase 2 Clinical Trials
Rhea-AI Summary
Kiora Pharmaceuticals (NASDAQ: KPRX) reported Q4 and full-year 2025 results and advanced two Phase 2 retinal trials: ABACUS-2 (KIO-301) and KLARITY (KIO-104).
Key facts: $17.1M cash plus $3.5M receivables, 2025 net loss $10.8M, cash runway into late 2027, Senju option agreement up to $110M, and anticipated initial clinical readouts in 2027.
Positive
- Two Phase 2 trials active (ABACUS-2, KLARITY)
- Cash runway expected into late 2027
- Senju option agreement worth up to $110 million
- First cohorts dosed and safety checkpoints cleared
Negative
- Net loss of $10.8 million for 2025
- Non-cash impairment charge increased Q4 net loss
- Year-end cash $17.1 million may limit long-term flexibility
News Market Reaction – KPRX
On the day this news was published, KPRX declined 0.97%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
KPRX was up 0.98% while close peers showed mixed moves: APRE -1.95%, CYCCP -5.61%, INAB -6.34%, PCSA +3.1%, indicating a stock-specific reaction rather than a broad biotech move.
Previous Clinical trial Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 05 | Preclinical data update | Positive | -1.6% | Presented in vivo preclinical data for KIO-104 showing reduced scar formation. |
| Feb 11 | Trial initiation approval | Positive | -9.4% | Received approval to initiate KLARITY Phase 2 trial for KIO-104 in macular edema. |
| Oct 29 | IND approval | Positive | -4.7% | Gained approval to start ABACUS-2 Phase 2 trial of KIO-301 in retinitis pigmentosa. |
| May 06 | Clinical data update | Positive | +1.5% | Reported additional KIO-301 clinical data showing increased visual cortex activity. |
| Apr 11 | Grant and trial endpoints | Positive | +1.4% | Received grant to fund novel endpoints and approval to initiate validation study. |
Clinical trial and development updates have often been followed by modest downside reactions, with an average move of -2.57% across recent clinical-trial-tagged events.
Over the past two years, Kiora has steadily advanced its retinal pipeline with a series of clinical trial milestones for KIO-104 and KIO-301. These included regulatory approvals to initiate KLARITY and ABACUS-2, preclinical and clinical data presentations, and grant support for novel endpoints. Market reactions to these clinically focused announcements were frequently negative despite constructive news, with three of five prior events trading down. Today’s update continues the theme of progressing two active Phase 2 programs while emphasizing cash runway into late 2027.
Historical Comparison
Past clinical‑trial news for KPRX averaged a -2.57% move, often negative despite constructive updates. Today’s Phase 2 progress and runway commentary fits this ongoing, development‑driven narrative.
Clinical updates show progression from early clinical and preclinical data through regulatory approvals to fully enrolling Phase 2 trials for both KIO-104 and KIO-301 in retinal diseases.
Market Pulse Summary
This announcement highlights progress from trial preparation to execution, with two Phase 2 retinal trials actively dosing patients and cash of $17.1 million plus receivables supporting a runway into late 2027. The update underscores strategic partnerships, including an option deal of up to $110 million for KIO-301, alongside higher R&D spending tied to clinical activity. Investors may focus on enrollment, upcoming data timing, and how operating losses of $10.8 million evolve as trials advance.
Key Terms
phase 2 medical
retinitis pigmentosa medical
macular edema medical
ion-channel modulator medical
AI-generated analysis. Not financial advice.
Encinitas, California--(Newsfile Corp. - March 25, 2026) - Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) ("Kiora" or the "Company") today announced financial results for the fourth quarter and full year ended December 31, 2025, and provided a year-end business update on its pipeline of small molecules for the treatment of retinal diseases.
Key fourth-quarter, full-year 2025, and recent corporate highlights include:
Advanced KIO-301 from regulatory clearance to patient dosing in ABACUS-2, a Phase 2 randomized, controlled clinical trial in patients with advanced retinitis pigmentosa.
Strengthened the strategic global commercial network for KIO-301 through an option agreement with Senju Pharmaceutical Co. Ltd. covering key Asian markets with potential deal value of up to
$110 million plus royalties, if exercised.Advanced KIO-104 from regulatory clearance to patient dosing in KLARITY, a Phase 2 dose-escalating trial evaluating the treatment of macular edema due to retinal inflammation.
Ended 2025 with
$17.1 million in cash, cash equivalents, and short-term investments, plus$3.5 million in receivables consisting of$1.5 million in collaboration receivables,$1.0 million in tax receivables, and$1.0 million in research credit and other receivables.Reported fourth-quarter and full-year 2025 net cash used in operating activities of
$2.2 million and$10.0 million , respectively.Identified the potential for platform expansion of KIO-300 as an ion-channel modulator through a preclinical ex vivo proof of concept study in the treatment of epilepsy.
Based on current operating plans, expects existing cash, cash equivalents, and short-term investments to fund operations into late 2027, beyond anticipated topline data readouts for ABACUS-2 and KLARITY.
"Our success in 2025 was defined by transitioning from trial preparation to trial execution for our two lead programs," said Brian M. Strem, Ph.D., President and Chief Executive Officer of Kiora. "We started the year with approvals to begin KLARITY and ABACUS-2 and exited the year with both Phase 2 trials underway, actively recruiting and dosing patients. These milestones meaningfully advanced our goal of delivering new treatment options for patients with retinal diseases and position us for anticipated clinical data in the first half of 2027.
"For KIO-301, we completed validation of the functional vision endpoints to support later-stage development; activated multiple trial sites for the 36-patient ABACUS-2 ascending dose, randomized, controlled, clinical trial; and dosed the first cohort of patients. Further, we received approval following a planned safety review checkpoint to complete the remaining patients in the 50µg dose as well as clearance to then initiate the 100µg dose cohort. Based on the current enrollment rate and follow-up, the six-week dosing period, and the three-month follow-up, we anticipate an initial data readout in the third quarter of 2027. Combined with the Senju regional partnership and our collaboration with Laboratoires Théa, we believe we finished 2025 with considerable momentum across the business and support from strong development and commercial partners.
"The potential of KIO-300 as an ion-channel modulator platform extends beyond ophthalmic indications. As an example, last year our discovery team demonstrated preclinical ex vivo proof of concept in the treatment of epilepsy. The platform may also have broader relevance in other therapeutic spaces where ion-channel modulators may dampen excess excitatory effects in cells that contribute to unwanted disease-related signaling.
"For KIO-104, we initiated and began dosing patients in KLARITY and cleared the early planned safety review checkpoint. This Phase 2 trial is a two-stage study designed to evaluate multiple doses of KIO-104 in patients with macular edema due to retinal inflammation. Findings from the initial stage will inform the dose-expansion stage in one or more specific indications."
Fourth-Quarter and Full-Year Financial Highlights
"With two Phase 2 trials now active, we enter the year with continued operational focus and financial discipline," said Melissa Tosca, Chief Financial Officer of Kiora. "We ended 2025 with a strong cash position, support from our strategic collaboration partners, and a projected cash runway into late 2027. Importantly, we believe this runway extends beyond the anticipated initial data readouts from both ongoing clinical trials, positioning us to execute our near-term milestones and continue advancing our pipeline."
Cash Position:
- Kiora ended the year with
$17.1 million in cash, cash equivalents, and short-term investments. The Company also recorded$3.5 million in receivables, consisting of$1.5 million in collaboration receivables from Laboratoires Théa ("Théa") for reimbursable R&D expenses,$1.0 million in tax receivables, and$1.0 million in research credit and other receivables.
Research and Development:
R&D expenses for the fourth quarter of 2025 were
$2.9 million before recognizing$1.8 million in reimbursable expenses from Théa, compared with$1.9 million before recognizing$0.7 million in reimbursable expenses from Théa in the fourth quarter of 2024.R&D expenses for 2025 were
$10.8 million before recognizing$7.1 million in reimbursable expenses from Théa, compared with$7.8 million in 2024 before recognizing$2.9 million in reimbursed R&D expenses from Théa.The increases in R&D expense for the quarter and year were driven primarily by clinical trial activities for KIO-301 and KIO-104.
General and Administrative:
G&A expenses were
$1.5 million in the fourth quarter of 2025, compared with$1.3 million in the fourth quarter of 2024.G&A expenses were
$5.8 million in 2025, compared with$5.5 million in 2024.The increases in G&A expense for the quarter and year were primarily related to personnel and associated activities.
Net Income (Loss):
The Company reported a net loss of
$6.5 million in the fourth quarter of 2025, compared with a net loss of$4.2 million in the fourth quarter of 2024.The Company reported a net loss of
$10.8 million for 2025, compared with net income of$3.6 million in 2024.The increase in net loss for the quarter was driven primarily by a non-cash impairment charge related to KIO-104, resulting from changes in equity market-based valuation inputs. This charge does not reflect any change in development timelines, probability of technical success, or Kiora's strategic focus on KIO-104. The year-over-year shift to a net loss was primarily due to the recognition of the
$16.0 million upfront payment from Théa as collaboration revenue in 2024.
About Kiora Pharmaceuticals
Kiora Pharmaceuticals is a clinical-stage biotechnology company developing advanced therapies for retinal disease. We target critical pathways underlying retinal diseases using innovative small molecules to slow, stop, or restore vision loss. KIO-301 is being developed initially for the treatment of retinitis pigmentosa, with potential to expand into choroideremia and Stargardt disease. It is a molecular photoswitch that has the potential to restore vision in patients with inherited and/or age-related retinal degeneration. KIO-104 is being developed for the treatment of macular edema due to retinal inflammation. It is a next-generation, non-steroidal, immuno-modulatory, and small-molecule inhibitor of dihydroorotate dehydrogenase (DHODH).
In addition to news releases and SEC filings, we expect to post information on our website, www.kiorapharma.com, and social media accounts that could be relevant to investors. We encourage investors to follow us on X and LinkedIn as well as to visit our website and/or subscribe to email alerts.
Forward-Looking Statements
Some of the statements in this press release are "forward-looking" and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements include statements relating to, among other things, Kiora's ability to execute on development and commercialization efforts and other regulatory or marketing approval efforts pertaining to Kiora's development-stage products, including KIO-104 and KIO-301, as well as the success thereof, with such approvals or success may not be obtained or achieved on a timely basis or at all, the sufficiency of existing cash and short-term investments on hand to fund operations for specific periods, the timeline of anticipated readouts, the potential for cash runway extension through partnership milestones, the potential to add trial centers, expand the geographic footprint of trials and/or accelerate enrollment, the potential for KIO-301 and KIO-104 to address multiple indications, and the possibility of future registration studies and global commercialization. These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release, including, among other things, the ability to conduct clinical trials on a timely basis, market and other conditions and certain risk factors described under the heading "Risk Factors" contained in Kiora's Annual Report on Form 10-K filed with the SEC on March 25, 2026 or described in Kiora's other public filings, including on Form 10-Q filed with the SEC on November 7, 2025. Kiora's results may also be affected by factors of which Kiora is not currently aware. The forward-looking statements in this press release speak only as of the date of this press release. Kiora expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions, or circumstances on which any such statement is based, except as required by law.
Contacts:
Investors
Investors@kiorapharma.com
Financial Tables Follow
CONSOLIDATED BALANCE SHEETS
| December 31, | |||||||
| 2025 | 2024 | ||||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash and Cash Equivalents | $ | 8,696,570 | $ | 3,792,322 | |||
| Short-Term Investments | 8,392,513 | 22,999,760 | |||||
| Prepaid Expenses and Other Current Assets | 1,141,804 | 2,042,487 | |||||
| Collaboration Receivables | 1,522,770 | 601,197 | |||||
| Tax and Other Receivables | 1,793,459 | 270,246 | |||||
| Prepaid Collaboration Expenses | 201,332 | — | |||||
| Total Current Assets | 21,748,448 | 29,706,012 | |||||
| Non-Current Assets: | |||||||
| Property and Equipment, Net | 91,672 | 5,232 | |||||
| Restricted Cash | 4,566 | 4,057 | |||||
| Intangible Assets and In-Process R&D, Net | 2,063,100 | 6,687,100 | |||||
| Operating Lease Assets with Right-of-Use | 285,827 | 57,170 | |||||
| Other Assets | 59,687 | 24,913 | |||||
| Total Assets | $ | 24,253,300 | $ | 36,484,484 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current Liabilities: | |||||||
| Accounts Payable | $ | 1,060,306 | $ | 415,590 | |||
| Accrued Expenses | 2,406,731 | 4,588,657 | |||||
| Accrued Collaboration Credit | — | 981,111 | |||||
| Operating Lease Liabilities | 164,461 | 23,355 | |||||
| Total Current Liabilities | 3,631,498 | 6,008,713 | |||||
| Non-Current Liabilities: | |||||||
| Contingent Consideration | 2,939,316 | 4,191,490 | |||||
| Deferred Tax Liability | 102,152 | 490,690 | |||||
| Deferred Collaboration Revenue | 1,250,000 | — | |||||
| Non-Current Operating Lease Liabilities | 203,798 | 33,815 | |||||
| Total Non-Current Liabilities | 4,495,266 | 4,715,995 | |||||
| Total Liabilities | 8,126,764 | 10,724,708 | |||||
| Commitments and Contingencies (Note 12) | |||||||
| Stockholders' Equity: | |||||||
| Preferred Stock, | 4 | 4 | |||||
| Common Stock, | 275,289 | 267,679 | |||||
| Additional Paid-In Capital | 170,314,656 | 169,156,374 | |||||
| Accumulated Deficit | (154,217,276 | ) | (143,382,122 | ) | |||
| Accumulated Other Comprehensive Loss | (246,137 | ) | (282,159 | ) | |||
| Total Stockholders' Equity | 16,126,536 | 25,759,776 | |||||
| Total Liabilities and Stockholders' Equity | $ | 24,253,300 | $ | 36,484,484 | |||
KIORA PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
| Year Ended December 31, | |||||||
| 2025 | 2024 | ||||||
| Revenue: | |||||||
| Collaboration Revenue | $ | — | $ | 16,000,000 | |||
| Grant Revenue | — | 20,000 | |||||
| Total Revenue | — | 16,020,000 | |||||
| Operating Expenses: | |||||||
| General and Administrative | 5,745,087 | 5,542,324 | |||||
| Research and Development | 10,780,397 | 7,842,207 | |||||
| Collaboration Credits | (7,066,237 | ) | (2,945,350 | ) | |||
| In-Process R&D Impairment | 4,624,000 | 2,008,000 | |||||
| Change in Fair Value of Contingent Consideration | (1,252,174 | ) | (937,469 | ) | |||
| Total Operating Expenses | 12,831,073 | 11,509,712 | |||||
| Operating (Loss) Income Before Other Income (Expense), Net | (12,831,073 | ) | 4,510,288 | ||||
| Other Income, Net: | |||||||
| Impairment of Intangible Assets | — | (104,167 | ) | ||||
| Loss on Disposal of Fixed Assets | — | (3,859 | ) | ||||
| Interest Income | 894,002 | 1,252,849 | |||||
| Interest Expense | (19,960 | ) | (21,446 | ) | |||
| Other (Expense) Income, Net | (160,272 | ) | 26,073 | ||||
| Total Other Income, Net | 713,770 | 1,149,450 | |||||
| (Loss) Income Before Income Tax Expense | (12,117,303 | ) | 5,659,738 | ||||
| Income Tax Benefit (Expense) | 1,282,149 | (2,065,005 | ) | ||||
| Net (Loss) Income | (10,835,154 | ) | 3,594,733 | ||||
| Net (Loss) Income Attributable to Common Shareholders | $ | (10,835,154 | ) | $ | 3,594,733 | ||
| Net (Loss) Income per Common Share - Basic | $ | (2.60 | ) | $ | 0.93 | ||
| Weighted Average Shares Outstanding - Basic | 4,166,692 | 3,872,644 | |||||
| Net (Loss) Income per Common Share - Diluted | $ | (2.64 | ) | $ | 0.87 | ||
| Weighted Average Shares Outstanding - Diluted | 4,103,873 | 4,125,075 | |||||
| Other Comprehensive (Loss) Income: | |||||||
| Net (Loss) Income | $ | (10,835,154 | ) | $ | 3,594,733 | ||
| Unrealized (Loss) Gain on Marketable Securities | (20,073 | ) | 29,719 | ||||
| Foreign Currency Translation Adjustments | 56,096 | (129,077 | ) | ||||
| Comprehensive (Loss) Income | $ | (10,799,131 | ) | $ | 3,495,375 | ||
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289753
FAQ
What did KPRX announce about its clinical trials on March 25, 2026?
How much cash did KPRX report at year-end 2025 and how long will it fund operations?
What is the value and scope of Kiora's partnership with Senju for KIO-301 (KPRX)?
Why did KPRX report a larger net loss in Q4 2025 compared to Q4 2024?
When does KPRX expect initial clinical data from ABACUS-2 and KLARITY?
What were KPRX's 2025 R&D and G&A expense trends affecting investors?
