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Kiora Pharmaceuticals reported a net loss of $10.8 million for 2025, compared with net income of $3.6 million in 2024, mainly because 2024 included $16.0 million of collaboration revenue and 2025 recorded a $4.6 million in-process R&D impairment related to KIO-104.
Revenue was zero in 2025, while operating expenses rose as R&D increased to $10.8 million with two Phase 2 trials underway and G&A reached $5.7 million. Kiora ended 2025 with $17.1 million in cash, cash equivalents and short-term investments plus $3.5 million in receivables and projects its cash runway into late 2027.
Pipeline progress included advancing KIO-301 and KIO-104 into active Phase 2 studies in retinal diseases and signing an option agreement with Senju Pharmaceutical with potential value of up to $110 million plus royalties, alongside continued work on the KIO-300 ion-channel modulator platform.
Kiora Pharmaceuticals reported a net loss of $10.8 million for 2025, compared with net income of $3.6 million in 2024, mainly because 2024 included $16.0 million of collaboration revenue and 2025 recorded a $4.6 million in-process R&D impairment related to KIO-104.
Revenue was zero in 2025, while operating expenses rose as R&D increased to $10.8 million with two Phase 2 trials underway and G&A reached $5.7 million. Kiora ended 2025 with $17.1 million in cash, cash equivalents and short-term investments plus $3.5 million in receivables and projects its cash runway into late 2027.
Pipeline progress included advancing KIO-301 and KIO-104 into active Phase 2 studies in retinal diseases and signing an option agreement with Senju Pharmaceutical with potential value of up to $110 million plus royalties, alongside continued work on the KIO-300 ion-channel modulator platform.
Kiora Pharmaceuticals, Inc. is a clinical-stage specialty pharmaceutical company focused on therapies for retinal diseases. Its lead candidate, KIO-301, is a small-molecule “photoswitch” being developed for late-stage retinitis pigmentosa and other inherited retinal dystrophies. A Phase 1b trial showed safety and vision-related improvements, and a 36‑patient Phase 2 ABACUS‑2 trial in RP is enrolling under a global co-development agreement with Théa Open Innovation, which funds all KIO‑301 R&D.
The company is also advancing KIO-104, an intravitreal DHODH inhibitor for retinal inflammation such as diabetic macular edema and posterior non‑infectious uveitis, with a Phase 2 KLARITY trial dosing patients. A topical DHODH inhibitor, KIO‑101, is being positioned for partnering in ocular manifestations of autoimmune diseases. Kiora reported a $10.8 million net loss for the year ended December 31, 2025, versus net income of $3.6 million in 2024, and held $17.1 million in cash and short-term investments, which it expects to fund operations into late 2027. As of March 21, 2026, there were 3,950,628 shares of common stock outstanding.
Kiora Pharmaceuticals, Inc. is a clinical-stage specialty pharmaceutical company focused on therapies for retinal diseases. Its lead candidate, KIO-301, is a small-molecule “photoswitch” being developed for late-stage retinitis pigmentosa and other inherited retinal dystrophies. A Phase 1b trial showed safety and vision-related improvements, and a 36‑patient Phase 2 ABACUS‑2 trial in RP is enrolling under a global co-development agreement with Théa Open Innovation, which funds all KIO‑301 R&D.
The company is also advancing KIO-104, an intravitreal DHODH inhibitor for retinal inflammation such as diabetic macular edema and posterior non‑infectious uveitis, with a Phase 2 KLARITY trial dosing patients. A topical DHODH inhibitor, KIO‑101, is being positioned for partnering in ocular manifestations of autoimmune diseases. Kiora reported a $10.8 million net loss for the year ended December 31, 2025, versus net income of $3.6 million in 2024, and held $17.1 million in cash and short-term investments, which it expects to fund operations into late 2027. As of March 21, 2026, there were 3,950,628 shares of common stock outstanding.
Kiora Pharmaceuticals Chief Development Officer Eric Joseph Daniels reported new equity awards. He received a stock option for 13,067 shares of common stock at an exercise price of $1.98 per share, and a grant of 6,533 shares of restricted stock, both under the 2024 Equity Incentive Plan.
The restricted stock vests in three equal installments on April 1, 2027, April 1, 2028, and April 1, 2029, subject to continued service. The option vests one-third on April 1, 2027, with the remaining balance vesting monthly over the following two years and expiring on April 1, 2036. After the grants, Daniels directly owns 32,670 common shares.
Strem Brian M. reported acquisition or exercise transactions in this Form 4 filing.
Kiora Pharmaceuticals President and CEO Brian M. Strem received new equity compensation awards. He was granted an option to buy 33,467 shares of Common Stock at $1.98 per share and 16,733 shares of restricted Common Stock, both at no cash cost to him.
The restricted stock vests in three equal installments on April 1, 2027, April 1, 2028, and April 1, 2029, subject to continued service. The option vests one-third on April 1, 2027, with the remaining balance vesting monthly over two years and expiring on April 1, 2036. Following these grants, he holds 62,598 Common shares directly.
Kiora Pharmaceuticals CFO Melissa Tosca received new equity awards as part of her compensation. She was granted an option to buy 13,067 shares of Common Stock at an exercise price of $1.98 per share, along with 6,533 shares of restricted Common Stock.
The restricted stock will vest in three equal installments on April 1, 2027, April 1, 2028, and April 1, 2029, contingent on continued service. The stock option vests one-third on April 1, 2027, with the remaining two-thirds vesting monthly over the following two years, and expires on April 1, 2036. After these grants, Tosca directly holds 27,904 Common shares and 13,067 option shares.
Kiora Pharmaceuticals Chief Development Officer Eric Joseph Daniels reported a small tax-related share disposition. On March 3, 2026, he transferred 238 shares of common stock at $2.02 per share to satisfy tax withholding obligations. After this transaction, he directly held 26,137 common shares.
Kiora Pharmaceuticals Chief Development Officer Eric Joseph Daniels reported a small tax-related share disposition. On March 3, 2026, he transferred 238 shares of common stock at $2.02 per share to satisfy tax withholding obligations. After this transaction, he directly held 26,137 common shares.
Kiora Pharmaceuticals President and CEO Brian M. Strem reported a tax-related stock transaction. On March 3, 2026, he disposed of 238 shares of common stock at $2.02 per share as a tax-withholding disposition, a method of paying tax obligations using shares. After this transaction, he directly owned 45,865 common shares.
Kiora Pharmaceuticals President and CEO Brian M. Strem reported a tax-related stock transaction. On March 3, 2026, he disposed of 238 shares of common stock at $2.02 per share as a tax-withholding disposition, a method of paying tax obligations using shares. After this transaction, he directly owned 45,865 common shares.
Kiora Pharmaceuticals Inc. received an amended Schedule 13G from Rosalind Advisors Inc., Rosalind Master Fund L.P., and portfolio managers Steven Salamon and Gilad Aharon reporting beneficial ownership tied to warrants for up to 464,676 common shares, or 9.9% of the company based on 3,677,935 shares outstanding as of November 5, 2025. These shares are issuable upon exercise of warrants that include a 9.99% beneficial ownership blocker, so as of the December 31, 2025 event date the reporting persons state they could not exercise the warrants. The filers characterize the position as held in the ordinary course of business and state it is not for the purpose of changing or influencing control.
Kiora Pharmaceuticals Inc. received an amended Schedule 13G from Rosalind Advisors Inc., Rosalind Master Fund L.P., and portfolio managers Steven Salamon and Gilad Aharon reporting beneficial ownership tied to warrants for up to 464,676 common shares, or 9.9% of the company based on 3,677,935 shares outstanding as of November 5, 2025. These shares are issuable upon exercise of warrants that include a 9.99% beneficial ownership blocker, so as of the December 31, 2025 event date the reporting persons state they could not exercise the warrants. The filers characterize the position as held in the ordinary course of business and state it is not for the purpose of changing or influencing control.
Kiora Pharmaceuticals, Inc. shareholder AIGH Capital Management LLC and related reporting person Orin Hirschman filed an amended Schedule 13G stating beneficial ownership of 192,984 shares of Kiora common stock as of December 31, 2025. This amount, entirely issuable upon exercise of warrants, represents 4.9% of Kiora’s common stock. The filing notes an additional 514,134 warrant shares are excluded because they are not currently exercisable due to beneficial ownership limitations, and confirms the securities are held in the ordinary course of business without the purpose of influencing control.
Kiora Pharmaceuticals (KPRX) received an amended Schedule 13G from Nantahala Capital Management and affiliates reporting beneficial ownership of 9.99% of the common stock as of September 30, 2025. The group reports 363,712 shares beneficially owned, which includes 207,285 shares that may be acquired within sixty days through the exercise of warrants.
The reporting persons disclose 0 shares with sole voting or dispositive power and 363,712 shares with shared voting and dispositive power. The filing is certified as securities held in the ordinary course and not for the purpose of changing or influencing control.
Kiora Pharmaceuticals (KPRX) received an amended Schedule 13G from Nantahala Capital Management and affiliates reporting beneficial ownership of 9.99% of the common stock as of September 30, 2025. The group reports 363,712 shares beneficially owned, which includes 207,285 shares that may be acquired within sixty days through the exercise of warrants.
The reporting persons disclose 0 shares with sole voting or dispositive power and 363,712 shares with shared voting and dispositive power. The filing is certified as securities held in the ordinary course and not for the purpose of changing or influencing control.