Kiora Pharmaceuticals Reports Third Quarter 2026 Financial Results and Provides Corporate Update

KIO-401 adds a planned registration trial, while Kiora expects spending to increase when enrollment and dosing begin.

Rhea-AI Summary

Kiora Pharmaceuticals (KPRX) reported a third-quarter net loss of approximately $1.7 million and added a late-stage retinal drug to its pipeline. Loss per share was $0.28, versus earnings of $0.01 a year earlier. Collaboration revenue was $1.0 million, versus none. Cash and short-term investments totaled approximately $16.3 million, down from $17.1 million at December 31, 2025.

Kiora licensed KIO-401 rights outside Asia from Senju and plans a multinational Phase 3 trial for central retinal artery occlusion, an eye artery blockage. A Japanese Phase 3 study showed numerical overall visual-acuity improvement (p=0.0949), with statistically significant improvement in patients legally blind at baseline (p=0.0195). FDA meeting and orphan designation requests are pending. KIO-301 is enrolling its 100 μg cohort, with topline data expected by end-2027. Kiora discontinued further KIO-104 research and development investment.

11 points · 0 major

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1 major · 19 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointKIO-401 license adds exclusive development and commercialization rights outside Asia from Senju.
• Moderate pointKIO-401 Phase 2a showed improved visual acuity versus a prospective observational registry, p=0.0398.
• Moderate point. Forward-looking: it has not happened yet and may not happen.KIO-401 development plan targets a single multinational Phase 3 registration trial for central retinal artery occlusion.
• Moderate pointKIO-301 collaboration provides reimbursement of all associated research and development expenses from Théa Open Innovation.
• Moderate pointThird-quarter collaboration revenue reached $1.0 million from CKD, versus none in the prior-year quarter.
• Moderate pointThird-quarter research and development expenses fell to $1,949,864 from $2,729,891 a year earlier.

5 minor points

• Minor pointKIO-401 Phase 3 legally blind baseline subgroup showed statistically significant visual-acuity improvement, p=0.0195.
• Minor point. Forward-looking: it has not happened yet and may not happen.KIO-301 ABACUS-2 is enrolling and dosing the 100 μg cohort; Kiora expects topline data by end-2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.KIO-301 South Korean rights licensed to CKD, with potential milestones and royalties if advanced further.
• Minor pointNine-month research and development expenses fell to $6,150,705 from $7,852,267 a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Kiora plans initial preclinical evaluation of next-generation calpain inhibitors in ophthalmic and non-ophthalmic indications.

Negative

• Major pointThird-quarter net loss was $1,749,521, or $0.28 per share, versus $26,806 income, or $0.01 per share.
• Moderate pointKIO-401 Phase 3 overall visual-acuity comparison showed only numerical improvement, p=0.0949.
• Moderate pointKIO-401 FDA discussions on the IND pathway, trial design and endpoints remain pending after a meeting request.
• Moderate point. Forward-looking: it has not happened yet and may not happen.KIO-401 spending is expected to increase with enrollment and dosing.
• Moderate point. Forward-looking: it has not happened yet and may not happen.KIO-104 further research and development investment was discontinued; Kiora plans results reporting and partnering evaluation.
• Moderate pointThird-quarter collaboration credits fell to $885,559 from $1,658,248, alongside lower reimbursable KIO-301 expenses.
• Moderate pointCommon shares outstanding increased to 4,424,387 at September 30, 2026, from 3,761,739 at December 31, 2025.

12 minor points

• Minor pointNine-month net loss widened to $6,246,515, or $1.12 per share, from $4,318,633, or $1.04 per share.
• Minor pointCash and short-term investments declined to approximately $16.3 million from $17.1 million at December 31, 2025.
• Minor pointKIO-401 orphan designation is requested, not granted; incentives and exclusivity eligibility remain conditional.
• Minor pointThird-quarter general and administrative expenses increased to $1,580,111 from $1,443,827 a year earlier.
• Minor pointNine-month general and administrative expenses increased to $4,575,882 from $4,287,075 a year earlier.
• Minor pointNine-month collaboration credits fell to $3,455,046 from $5,310,288 a year earlier.
• Minor pointThird-quarter contingent-consideration valuation produced a $46,169 expense, versus a $1,721,033 benefit a year earlier.
• Minor pointNine-month contingent-consideration valuation produced a $143,010 expense, versus a $1,308,067 benefit a year earlier.
• Minor pointThird-quarter net interest income decreased to $146,306 from $201,822 a year earlier.
• Minor pointNine-month net interest income decreased to $431,876 from $703,692 a year earlier.
• Minor pointThird-quarter income taxes shifted to a $165,000 expense from a $643,129 benefit a year earlier.
• Minor pointNine-month income taxes shifted to a $165,800 expense from a $632,179 benefit a year earlier.

News Explained

Kiora licensed South Korean development and commercial rights for KIO-301 to CKD; if the asset advances, Kiora is eligible for potential development and regulatory milestone payments and royalties.

Key Figures

Cash and short-term investments: $16.3 million Collaboration revenue: $1.0 million Net loss: $1.7 million +4 more

Cash and short-term investments

$16.3 million

September 30, 2026; versus $17.1 million at December 31, 2025

Collaboration revenue

$1.0 million

Third quarter 2026; no comparable revenue in third quarter 2025

Net loss

$1.7 million

Third quarter 2026; versus $26,806 net income in third quarter 2025

Loss per share

$(0.28)

Basic and diluted, third quarter 2026; versus $0.01 income per share in third quarter 2025

Phase 2a visual-acuity comparison

p=0.0398

Improvement versus a prospective observational registry in Japan

Phase 3 overall visual-acuity comparison

p=0.0949

Randomized, double-masked study in Japan; numerical improvement reported

Phase 3 legally blind subgroup

p=0.0195

Statistically significant visual-acuity improvement among patients legally blind at baseline

Previous Earnings Reports

1 past event · Latest: Aug 07

Same Type 1 event

1. Aug 07

   Quarterly earnings

   24h Move

   +3.1%

   Q2 report cited $16.8 million cash and a $2.1 million net loss; shares rose 3.13%.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

calpain inhibitor, pre-ind, orphan drug designation, investigational new drug application

4 terms

calpain inhibitor medical

"KIO-401, a late-stage, oral neuroprotective calpain inhibitor."

A calpain inhibitor is a drug or molecule that blocks the activity of calpains, a family of calcium-dependent cysteine proteases inside cells. By preventing calpains from cutting specific proteins, these inhibitors alter processes that calpains control—such as cytoskeleton remodeling, signal transduction and forms of programmed cell death—and are used in research and drug development to reduce calpain-driven tissue damage. Different calpain inhibitors vary in chemical structure and selectivity, so their effects and potential off-target protease interactions depend on the specific compound.

pre-ind regulatory

"Submitted a Type B pre-IND FDA meeting request"

"Pre-ind" is short for "pre-indication" and refers to the period before a formal announcement or official signal that a significant change or event is about to happen, such as a company preparing to release important news. For investors, it can signal a time of increased activity or uncertainty, as market participants try to interpret hints and anticipate future developments. Recognizing pre-ind conditions helps investors make more informed decisions ahead of major shifts.

orphan drug designation regulatory

"Submitted a request for FDA orphan drug designation for KIO-401 in CRAO."

Orphan drug designation is a special status given to medicines developed to treat rare diseases affecting only a small number of people. This status often provides benefits like faster approval processes and financial incentives, making it more attractive for companies to develop these drugs. For investors, it signals potential for exclusive market rights and reduced competition, which can impact the drug’s profitability.

investigational new drug application regulatory

"the investigational new drug application (IND) pathway"

An investigational new drug application is a formal request made to regulatory authorities to begin testing a new medication in humans. It is a critical step in the drug development process, as approval indicates the drug has passed initial safety checks and can be studied further. For investors, this signals that a potential new treatment is progressing through its early testing stages, which can impact the company's future growth prospects.

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San Diego, California--(Newsfile Corp. - November 12, 2026) - Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) ("Kiora" or the "Company") today reported financial results for the third quarter ended September 30, 2026, and provided a business update highlighted by the in-licensing of KIO-401, a late-stage, oral neuroprotective calpain inhibitor. The addition transforms Kiora's development pipeline, bringing in an asset supported by existing Phase 2 and Phase 3 studies conducted in Japan. Kiora is planning a multinational registration clinical trial in patients who have experienced profound vision loss due to a central retinal artery occlusion (CRAO).

Third Quarter 2026 and Recent Highlights

• Acquired late-stage lead asset: In-licensed exclusive development and commercialization rights, outside of Asia, to KIO-401 (mitucapistat), an oral calpain inhibitor supported by Phase 2 and Phase 3 clinical data from studies conducted in Japan, from Senju Pharmaceutical Co., Ltd.
• KIO-401 FDA engagement underway: Submitted a Type B pre-IND FDA meeting request to begin discussions regarding the investigational new drug application (IND) pathway, trial design and approvable endpoints for KIO-401.
• KIO-401 orphan drug designation requested: Submitted a request for FDA orphan drug designation for KIO-401 in CRAO. If granted, designation would provide development incentives and eligibility for market exclusivity following approval.
• KIO-301 ABACUS-2 trial is progressing: The clinical trial is actively enrolling and dosing patients in the 100 μg dose cohort.
• KIO-301 development and commercial network expanded: Out-licensed development and commercial rights for KIO-301 in South Korea to Chong Kun Dang Pharmaceutical Corporation (CKD).
• Expanded leadership team: Appointed Keith Lane, MBA, former Chief Scientific Officer of Ora, Inc., as EVP of Clinical Development and Regulatory Affairs. Mr. Lane has overseen more than 100 clinical trials, including more than 10 global, pivotal Phase 3 ophthalmic studies.
• Cash position: Ended the quarter with approximately $16.3 million in cash and short-term investments plus $2.2 million in collaboration, tax and other receivables.

KIO-401: Transforming Kiora's Development Pipeline

"The addition of KIO-401 transforms Kiora into a late-stage retinal therapeutics company," said Brian M. Strem, Ph.D., President and Chief Executive Officer of Kiora. "We are building on the significant amount of CMC, non-clinical and clinical data that already exists on KIO-401 through Senju's previous and ongoing efforts. With exclusive rights outside Asia, we are preparing for a single, Phase 3 registration trial of KIO-401 in patients across the United States, Europe and other territories. We believe an effective oral therapy that restores greater amounts of vision following an acute ischemic event could offer meaningful patient benefit and significant commercial value. Our strategy is to establish KIO-401 in CRAO and build on that foundation through additional ophthalmic indications, such as non-arteritic anterior ischemic optic neuropathy (NAION)."

"Calpains are calcium-activated enzymes that, when dissociated from the endogenous inhibitor, initiate and regulate programmed cell death via the breakdown of multiple proteins essential to cell function and survival. KIO-401 is designed to inhibit this adverse activity, keeping cells alive and buying time for the body to restore homeostasis. Beyond KIO-401, we see opportunities for next-generation products and could cost-effectively evaluate one or more preclinical candidates in indications ranging from chronic ophthalmic diseases to neurodegenerative conditions or cardiovascular diseases."

Patients with CRAO and NAION often experience sudden, permanent vision loss. Neither condition has an approved pharmacologic treatment nor any intervention that has demonstrated meaningful success in returning vision after these acute events. In Japan, the Phase 2a study reported a statistically significant visual-acuity improvement compared with a prospective observational registry (p=0.0398). The subsequent randomized, double-masked Phase 3 study showed a numerical improvement in the overall visual-acuity comparison (p=0.0949), with a statistically significant improvement among patients who were legally blind (as defined by the World Health Organization) at baseline (p=0.0195). These findings inform Kiora's planned design of a larger trial to evaluate clinical benefit.

"The separation between KIO-401 and placebo and the continued trajectory in visual acuity in the active-treatment group through the final 12-week assessment provide further encouragement that a sufficiently powered registration study could support approval in the United States, Europe and other regions," said Keith J. Lane, MBA, Executive Vice President of Clinical Development and Regulatory Affairs of Kiora. "To gain clarity as soon as possible, we've already submitted the meeting request to begin dialogue with the FDA regarding the IND pathway, trial design and endpoints for our planned CRAO registration trial. Further, we submitted a request to the FDA in early November for orphan drug designation for KIO-401 in CRAO. If granted, it would provide development incentives and eligibility for market exclusivity following approval."

KIO-301 and Portfolio Priorities

KIO-301 remains in Phase 2 development for patients living with vision loss due to advanced retinitis pigmentosa. ABACUS-2 is enrolling patients in the 100 μg cohort with strong patient demand to participate in the trial. Kiora remains on track for topline data by the end of 2027, while its collaboration with Théa Open Innovation provides reimbursement of all associated research and development expenses. The Company also expanded KIO-301's regional partnerships during the quarter through a license of South Korean rights to CKD. Should the asset be advanced further, Kiora is eligible for potential development milestone payments, additional regulatory milestones and royalties.

As announced in October 2026, Kiora discontinued further research and development investment in KIO-104. The Company plans to report results from patients enrolled in the KLARITY study and evaluate partnering opportunities.

Third Quarter 2026 Financial Results

"Our current cash position enables us to fund pre-trial activities needed to prepare KIO-401 for its next stage of development, including CMC and regulatory work ahead of enrollment and dosing, when spending will increase," said Melissa Tosca, CPA, Chief Financial Officer of Kiora. "Reimbursement of KIO-301-related research and development expenses and our decision to discontinue KIO-104 support this financial flexibility. We will continue to maintain a streamlined operation, aligning spending with development milestones. Our resources also allow us to fund initial preclinical evaluation of next-generation calpain inhibitors in ophthalmic and non-ophthalmic indications. This disciplined approach enables us to advance these activities and seek greater clarity on Phase 3 trial requirements."

Kiora ended the third quarter with approximately $16.3 million in cash and short-term investments, compared with $17.1 million as of December 31, 2025. The Company recorded $0.6 million in collaboration receivables and $1.6 million in tax and other receivables as of September 30, 2026.

Collaboration revenue was $1.0 million for the third quarter of 2026 related to the KIO-301 development and commercialization agreement with CKD. There was no comparable revenue recognized in the third quarter of 2025.

Research and development expenses were approximately $1.9 million for the third quarter of 2026, compared with $2.7 million for the third quarter of 2025. After collaboration credits from Théa of $0.9 million and $1.7 million, respectively, net research and development expenses were approximately $1.0 million and $1.1 million. The change primarily reflected lower preclinical and manufacturing costs for KIO-301 following completion of activities that supported the ABACUS-2 Phase 2 trial, which drove a corresponding decrease in reimbursable expenses from Théa, as well as lower personnel-related costs.

General and administrative expenses were approximately $1.6 million, compared with $1.4 million in the prior-year quarter, reflecting higher professional services costs, primarily legal fees related to Kiora's expanded patent portfolio and general corporate matters, as well as increased investor relations and consulting costs. These increases were partially offset by lower personnel-related costs.

Net loss for the third quarter of 2026 was approximately $1.7 million, or $0.28 per basic and diluted share, compared with net income of approximately $27,000, or $0.01 per basic and diluted share, for the third quarter of 2025.

About Kiora Pharmaceuticals

Kiora Pharmaceuticals develops small-molecule treatments for vision-threatening retinal diseases. Its pipeline includes KIO-401, an investigational, oral neuroprotective therapy for acute ischemic ophthalmic conditions, and KIO-301, a partnered molecular photoswitch being evaluated for advanced retinitis pigmentosa.

For more information, visit www.kiorapharma.com.

Forward-Looking Statements

Some of the statements in this press release are "forward-looking" statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements concerning Kiora's planned development and potential commercialization of KIO-401; the anticipated timing, design, initiation, conduct, enrollment, dosing, endpoints, follow-up periods and results of clinical trials in CRAO and NAION; the potential to incorporate additional patient follow-up without extending overall trial timelines; the potential efficacy, safety, therapeutic benefit and commercial opportunity of KIO-401; the interpretation and applicability of clinical results generated by Senju Pharmaceutical in Japan; anticipated regulatory interactions, feedback and approvals, including discussions regarding the IND pathway and registration requirements in the United States and Europe; requests for orphan drug designation and the potential availability of related development incentives and market exclusivity; the potential development and preclinical evaluation of next-generation calpain inhibitors in ophthalmic and non-ophthalmic indications; the ability to leverage existing clinical development infrastructure and maintain streamlined operations; the expected progression of the KIO-301 program and reimbursement of associated research and development expenses; the Company's plans for KIO-104; the sufficiency of the Company's existing cash and investments to fund pre-trial activities and initial preclinical evaluations; and the expected capital requirements associated with its development programs.

These forward-looking statements are based on management's current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Such risks include, among others, uncertainties associated with preclinical and clinical development and regulatory review; the possibility that results observed in previous studies will not be reproduced in future studies; the possibility that regulatory feedback will require changes to proposed trial designs, endpoints, follow-up periods or development timelines; the possibility that orphan drug designation will not be granted or that anticipated incentives or exclusivity will not be available; the cost, timing, enrollment, conduct and outcomes of clinical trials; the Company's ability to maintain anticipated collaboration reimbursements and manage operating expenses; the ability to obtain sufficient capital to fund planned development activities; the availability and terms of future financings; potential dilution to existing stockholders; the Company's ability to execute its development strategy and licensing obligations; and other risks described under "Risk Factors" in Kiora's Annual Report on Form 10-K filed with the SEC on March 25, 2026, and in its subsequent filings with the SEC.

Kiora's results may also be affected by factors of which the Company is not currently aware. Forward-looking statements speak only as of the date of this release. Except as required by law, Kiora undertakes no obligation to publicly update or revise any forward-looking statement to reflect subsequent events, circumstances or changes in expectations.

Investor Contact

Investors@kiorapharma.com

Media Contact

Susan Sharpe
Linnden Communications
susan@linndencom.com

Financial Tables Follow

CONDENSED CONSOLIDATED BALANCE SHEETS

		September 30, 2026 (unaudited)			December 31, 2025
ASSETS
Current Assets:
Cash and Cash Equivalents	$	5,570,640		$	8,696,570
Short-Term Investments		10,716,331			8,392,513
Prepaid Expenses and Other Current Assets		1,008,822			1,141,804
Collaboration Receivables		636,756			1,522,770
Tax and Other Receivables		1,579,103			1,793,459
Prepaid Collaboration Expenses		402,437			201,332
Total Current Assets		19,914,089			21,748,448
Non-Current Assets:
Property and Equipment, Net		88,192			91,672
Restricted Cash		4,765			4,566
Intangible Assets and In-Process R&D, Net		2,063,100			2,063,100
Operating Lease Right-of-Use Assets		219,565			285,827
Other Assets		84,351			59,687
Total Assets	$	22,374,062		$	24,253,300
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable	$	209,074		$	1,060,306
Accrued Expenses		2,147,562			2,406,731
Operating Lease Liabilities		162,095			164,461
Total Current Liabilities		2,518,731			3,631,498
Non-Current Liabilities:
Contingent Consideration		3,082,326			2,939,316
Deferred Tax Liability		102,152			102,152
Deferred Collaboration Revenue		1,250,000			1,250,000
Non-Current Operating Lease Liabilities		124,694			203,798
Total Non-Current Liabilities		4,559,172			4,495,266
Total Liabilities		7,077,903			8,126,764
Commitments and Contingencies (Note 9)
Stockholders' Equity:
Preferred Stock, $0.01 Par Value: 10,000,000 shares authorized; 3,750 designated  Series A, 0 shares issued and outstanding; 10,000 designated Series B, 0 shares issued and outstanding; 10,000 shares designated Series C, 0 shares issued and outstanding; 20,000 shares designated Series D, 7 shares issued and outstanding; 1,280 shares designated Series E, 0 shares issued and outstanding; 3,908 shares designated Series F, 420 issued and outstanding at September 30, 2026 and December 31, 2025, respectively		4			4
Common Stock, $0.01 Par Value: 150,000,000 shares authorized; 4,424,387 and 3,761,739 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively		281,915			275,289
Additional Paid-In Capital		175,723,637			170,314,656
Accumulated Deficit		(160,463,791)			(154,217,276)
Accumulated Other Comprehensive Loss		(245,606)			(246,137)
Total Stockholders' Equity		15,296,159			16,126,536
Total Liabilities and Stockholders' Equity	$	22,374,062		$	24,253,300

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)

		Three Months Ended September 30,						Nine Months Ended  September 30,
		2026			2025			2026			2025
Revenue:
Collaboration Revenue	$	1,000,000		$	-		$	1,000,000		$	-
Total Revenue		1,000,000			-			1,000,000			-
Operating Expenses:
General and Administrative	$	1,580,111		$	1,443,827		$	4,575,882		$	4,287,075
Research and Development		1,949,864			2,729,891			6,150,705			7,852,267
Collaboration Credits		(885,559)			(1,658,248)			(3,455,046)			(5,310,288)
Change in Fair Value of Contingent Consideration		46,169			(1,721,033)			143,010			(1,308,067)
Total Operating Expenses		2,690,585			794,437			7,414,551			5,520,987
Operating Loss		(1,690,585)			(794,437)			(6,414,551)			(5,520,987)
Other Income (Expense), Net:
Interest Income, Net		146,306			201,822			431,876			703,692
Other Expense, Net		(40,242)			(23,708)			(98,040)			(133,517)
Total Other Income, Net		106,064			178,114			333,836			570,175
Loss Before Income Tax (Expense) Benefit		(1,584,521)			(616,323)			(6,080,715)			(4,950,812)
Income Tax (Expense) Benefit		(165,000)			643,129			(165,800)			632,179
Net (Loss) Income	$	(1,749,521)		$	26,806		$	(6,246,515)		$	(4,318,633)
Net (Loss) Income Attributable to Common Shareholders	$	(1,749,521)		$	26,806		$	(6,246,515)		$	(4,318,633)
Net (Loss) Income per Common Share - Basic	$	(0.28)		$	0.01		$	(1.12)		$	(1.04)
Weighted Average Shares Outstanding - Basic		6,295,123			4,289,853			5,556,915			4,165,568
Net (Loss) Income per Common Share - Diluted	$	(0.28)		$	0.01		$	(1.12)		$	(1.04)
Weighted Average Shares Outstanding - Diluted		6,295,123			4,361,740			5,556,915			4,165,568
Other Comprehensive Loss:
Net (Loss) Income	$	(1,749,521)		$	26,806		$	(6,246,515)		$	(4,318,633)
Unrealized (Loss) Gain on Marketable Securities		(11,184)			11,214			(30,520)			(16,001)
Foreign Currency Translation Adjustments		21,375			(9,153)			31,050			54,451
Comprehensive (Loss) Income	$	(1,739,331)		$	28,867		$	(6,245,985)		$	(4,280,183)

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/323497

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Kiora Pharmaceuticals' third-quarter 2026 financial results?

Kiora reported a $1,749,521 net loss, or $0.28 per basic and diluted share, for the quarter ended September 30, 2026. The prior-year quarter produced $26,806 in net income, or $0.01 per basic and diluted share. Collaboration revenue was $1,000,000, compared with none a year earlier.

What did Kiora's KIO-401 Japanese Phase 3 study show?

The randomized, double-masked Phase 3 study showed numerical overall visual-acuity improvement (p=0.0949) and statistically significant improvement among patients legally blind at baseline under the World Health Organization definition (p=0.0195). Kiora plans a larger multinational registration trial for central retinal artery occlusion.

How is Kiora funding KIO-301 development?

Théa Open Innovation reimburses all associated KIO-301 research and development expenses under its collaboration with Kiora. Lower preclinical and manufacturing costs after activities supporting ABACUS-2 were completed contributed to lower reimbursable expenses and collaboration credits in the third quarter.

What does Kiora's current cash position cover for KIO-401?

Kiora says its current cash position supports pre-trial manufacturing and regulatory work needed to prepare KIO-401 for its next development stage. Spending is expected to increase when enrollment and dosing begin. Resources also support initial preclinical evaluation of next-generation calpain inhibitors.