ADAR1 reports 9.9% stake in Kiora Pharmaceuticals

ADAR1 Capital Management, LLC, ADAR1 Capital Management GP, LLC and Daniel Schneeberger report beneficial ownership of Kiora Pharmaceuticals common stock.

Rhea-AI Filing Summary

ADAR1 Capital Management, LLC, ADAR1 Capital Management GP, LLC and Daniel Schneeberger report beneficial ownership of Kiora Pharmaceuticals common stock. Each Reporting Person discloses beneficial ownership of approximately 9.9% of the outstanding common stock, based on 4,427,167 shares outstanding as of June 30, 2026.

The reported positions include combinations of directly held shares and shares underlying pre-funded and milestone warrants, while additional warrant shares are excluded due to a 9.99% beneficial ownership limitation. Schneeberger files as a control person over the ADAR1 entities.

Key Figures

ADAR1 Capital Management beneficial ownership: 472,721 shares ADAR1 GP beneficial ownership: 475,378 shares Schneeberger beneficial ownership: 472,721 shares +5 more

8 metrics

ADAR1 Capital Management beneficial ownership 472,721 shares Shares beneficially owned by ADAR1 Capital Management, LLC as of June 30, 2026

ADAR1 GP beneficial ownership 475,378 shares Shares beneficially owned by ADAR1 Capital Management GP, LLC as of June 30, 2026

Schneeberger beneficial ownership 472,721 shares Shares beneficially owned by Daniel Schneeberger as of June 30, 2026

Ownership percentage 9.9% Percent of Kiora Pharmaceuticals common stock reported by each Reporting Person

Shares outstanding 4,427,167 shares Kiora Pharmaceuticals common stock outstanding as of June 30, 2026

Included warrant shares (ADAR1 Capital Management, LLC) 304,780 shares Common shares underlying pre-funded and milestone warrants counted toward ownership

Excluded warrant shares (ADAR1 Capital Management, LLC) 3,435,508 shares Warrant shares excluded due to 9.99% beneficial ownership limitation

Excluded warrant shares (ADAR1 GP) 3,102,184 shares Warrant shares excluded due to 9.99% beneficial ownership limitation

Key Terms

pre-funded warrants, milestone warrants, beneficial ownership limitations, control person, +1 more

5 terms

pre-funded warrants financial

"shares of Common Stock underlying pre-funded warrants and milestone warrants held by ADAR1"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

milestone warrants financial

"shares of Common Stock underlying pre-funded warrants and milestone warrants held by ADAR1"

Milestone warrants are rights that let holders buy a company’s stock only if specific goals—such as regulatory approvals, sales targets, or project completions—are met. Think of them as a coupon that only becomes usable when the company hits agreed checkpoints; they matter to investors because they create contingent value and potential share dilution, and they signal which outcomes the company and its backers consider most important.

beneficial ownership limitations financial

"the exchange and exercise of which are subject to 9.99% beneficial ownership limitations"

Beneficial ownership limitations are rules or contractual caps that restrict how much of a company’s stock an individual or entity can be treated as owning or controlling for legal, regulatory or corporate-governance purposes. They matter to investors because such limits affect voting power, reporting obligations, takeover risk and the ability to increase a stake — like an elevator weight limit or a lane divider that prevents any one car from taking over the whole road.

control person financial

"Mr. Schneeberger is filing this as a control person in respect of shares"

A control person is an individual or entity that can significantly influence a company’s decisions and direction through ownership, voting power, or contractual rights—think of them as the captain who can steer the ship. Investors care because a control person’s choices affect corporate strategy, board appointments, and transactions that can raise or lower a stock’s value, and they often carry additional legal responsibilities and disclosure requirements to protect other shareholders.

investment adviser financial

"ADAR1 Capital Management, an investment adviser as described in SS 240.13d-1"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

FAQ

What percentage of KPRX does ADAR1 Capital Management report owning in this Schedule 13G/A?

ADAR1 Capital Management, LLC reports beneficial ownership of 9.9% of Kiora Pharmaceuticals’ common stock. This percentage is calculated based on 4,427,167 shares outstanding as of June 30, 2026, as reported in Kiora’s Form 10-Q.

How many KPRX shares does ADAR1 Capital Management, LLC report beneficially owning?

ADAR1 Capital Management, LLC reports beneficial ownership of 472,721 Kiora Pharmaceuticals shares. This total reflects common shares and shares underlying pre-funded and milestone warrants that are currently counted under the 9.99% beneficial ownership limitation.

What stake in KPRX does ADAR1 Capital Management GP, LLC disclose?

ADAR1 Capital Management GP, LLC reports beneficial ownership of 475,378 Kiora Pharmaceuticals shares, equal to 9.9% of the outstanding common stock. This amount includes common shares and shares underlying pre-funded and milestone warrants held by ADAR1 Partners, LP.

What is Daniel Schneeberger’s reported beneficial ownership in KPRX?

Daniel Schneeberger reports beneficial ownership of 472,721 Kiora Pharmaceuticals shares, or 9.9% of the company’s common stock. He files as a control person for the ADAR1 entities that directly hold the reported securities.

How many KPRX shares underlying warrants are excluded due to ownership limits?

The filing excludes 3,435,508 Kiora shares underlying warrants for ADAR1 Capital Management, LLC and 3,102,184 shares for ADAR1 Capital Management GP, LLC. These are excluded because exchanging or exercising them is subject to a 9.99% beneficial ownership limitation.

On what share count is the 9.9% KPRX ownership calculation based?

The 9.9% ownership calculations use a base of 4,427,167 Kiora Pharmaceuticals common shares outstanding. This share count is stated as of June 30, 2026 and comes from the company’s Form 10-Q filed on August 7, 2026.

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Available on EDGAR 08/14/2026 - 05:00 PM Accepted by SEC EDGAR 08/14/2026 - 05:00 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Kiora Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

49721T507

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 49721T507

1

Names of Reporting Persons

ADAR1 Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 472,721.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 472,721.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

472,721.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: Includes (i) 143,999 shares of common stock, par value $0.01 per share ("Common Stock") held by ADAR1 Partners, LP, (ii) 23,942 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC and (iii) 304,780 shares of Common Stock underlying pre-funded warrants and milestone warrants held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC as of June 30, 2026. Excludes 3,435,508 shares of Common Stock underlying pre-funded warrants and milestone warrants held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC, the exchange and exercise of which are subject to 9.99% beneficial ownership limitations. As the investment manager of ADAR1 Partners, LP and as the sub-advisor of Spearhead Insurance Solutions IDF, LLC, ADAR1 Capital Management, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC. Based on 4,427,167 shares of Common Stock of Kiora Pharmaceuticals, Inc. (the "Issuer") outstanding as of June 30, 2026, reported in the Issuer's 10-Q, filed with the Securities and Exchange Commission on August 7, 2026.

SCHEDULE 13G

CUSIP Number(s): 49721T507

1

Names of Reporting Persons

ADAR1 Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 475,378.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 475,378.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

475,378.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) Includes (i) 143,999 shares of common stock, par value $0.01 per share ("Common Stock") held by ADAR1 Partners, LP and (ii) 331,379 shares of Common Stock underlying pre-funded warrants and milestone warrants held by ADAR1 Partners, LP as of June 30, 2026. Excludes 3,102,184 shares of Common Stock underlying pre-funded warrants and milestone warrants held by ADAR1 Partners, LP, the exchange and exercise of which are subject to 9.99% beneficial ownership limitations. As the general partner of ADAR1 Partners, LP, ADAR1 Capital Management GP, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP. Based on 4,427,167 shares of Common Stock of Kiora Pharmaceuticals, Inc. (the "Issuer") outstanding as of June 30, 2026, reported in the Issuer's 10-Q, filed with the Securities and Exchange Commission on August 7, 2026.

SCHEDULE 13G

CUSIP Number(s): 49721T507

1

Names of Reporting Persons

Daniel Schneeberger

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SWITZERLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 472,721.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 472,721.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

472,721.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: (1) Includes (i) 143,999 shares of common stock, par value $0.01 per share ("Common Stock") held by ADAR1 Partners, LP, (ii) 23,942 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC and (iii) 304,780 shares of Common Stock underlying pre-funded warrants and milestone warrants held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC as of June 30, 2026. Excludes 3,435,508 shares of Common Stock underlying pre-funded warrants and milestone warrants held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC, the exchange and exercise of which are subject to 9.99% beneficial ownership limitations. As the manager of ADAR1 Capital Management, LLC and ADAR1 Capital Management GP, LLC, Mr. Schneeberger may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC. Based on 4,427,167 shares of Common Stock of Kiora Pharmaceuticals, Inc. (the "Issuer") outstanding as of June 30, 2026, reported in the Issuer's 10-Q, filed with the Securities and Exchange Commission on August 7, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Kiora Pharmaceuticals, Inc.
(b)	Address of issuer's principal executive offices: 169 Saxony Rd. Suite 212, Encinitas, CA 92024
Item 2.
(a)	Name of person filing: This Schedule is being filed on behalf of each of the following persons (each, a "Reporting Person" and collectively, the "Reporting Persons"): (i) ADAR1 Capital Management, LLC ("ADAR1 Capital Management"); (ii) ADAR1 Capital Management GP, LLC ("ADAR1 General Partner"); and (iii) Daniel Schneeberger ("Mr. Schneeberger").
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is 3503 Wild Cherry Drive, Building 9, Austin, Texas 78738.
(c)	Citizenship: (i) ADAR1 Capital Management is a Texas limited liability company; (ii) ADAR1 General Partner is a Texas limited liability company; and (iii) Mr. Schneeberger is a citizen of Switzerland.
(d)	Title of class of securities: Common Stock, par value $0.01 per share
(e)	CUSIP No.: 49721T507
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(b)	Percent of class: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Mr. Schneeberger is filing this Schedule 13G as a control person in respect of shares beneficially owned by ADAR1 Capital Management, an investment adviser as described in SS 240.13d-1(b)(1)(ii)(E).
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

ADAR1 Capital Management, LLC

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, Manager
Date:	08/14/2026

ADAR1 Capital Management GP, LLC

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, Manager
Date:	08/14/2026

Daniel Schneeberger

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, in his individual capacity
Date:	08/14/2026