Alyeska files 13G for Kiora (NASDAQ: KPRX) reporting 9.99% stake

Rhea-AI Filing Summary

KIORA PHARMACEUTICALS, INC. filing: Alyeska Investment Group and related filers report 394,668 shares beneficially owned, representing 9.99% of Common Stock as of March 31, 2026. The position equals the maximum exercisable under a beneficial ownership limitation tied to warrants.

The filing states the Reporting Persons hold warrants exercisable for 596,854 shares, but the 9.99% limitation permits exercise of only 394,668 shares based on 3,950,628 shares outstanding per the Form 10-K dated March 25, 2026. Voting and investment control is exercised by Alyeska Investment Group, L.P.; Anand Parekh is named but disclaims beneficial ownership.

Insights

Institutional Ownership Analyst

Alyeska reports a capped warrant-based stake equal to the 9.99% ownership limit.

The filing shows the Reporting Persons beneficially own 394,668 shares as of March 31, 2026, reflecting the maximum exercisable under a 9.99% beneficial ownership limitation tied to warrants exercisable for 596,854 shares. The underlying arithmetic uses 3,950,628 shares outstanding from the referenced March 25, 2026 Form 10-K.

Cash-flow treatment and planned exercises are not stated. Future changes in outstanding shares or waiver terms would determine additional exercisability; subsequent filings would disclose such changes.

Corporate Governance Specialist

Filing clarifies voting control and disclaimers among related Alyeska entities and an individual.

The statement assigns voting and investment control to Alyeska Investment Group, L.P. and notes that Anand Parekh is identified but disclaims beneficial ownership. The report is filed jointly under Rule 13d-1(k).

These attribution and disclaimer details affect who is reported as beneficial owner for disclosure purposes; they do not alter the numeric ownership cap disclosed in the filing.

Key Figures

Beneficially owned shares: 394,668 shares Beneficial ownership percent: 9.99% Warrants exercisable: 596,854 shares +1 more

4 metrics

Beneficially owned shares 394,668 shares Beneficial ownership as of <date>March 31, 2026</date>

Beneficial ownership percent 9.99% Percent of Common Stock (cap limiting exercisability)

Warrants exercisable 596,854 shares Total warrants held by Reporting Persons (exercise limited by 9.99% cap)

Shares outstanding used 3,950,628 shares Shares outstanding per Form 10-K dated <date>March 25, 2026</date>

Key Terms

beneficial ownership limitation, warrants exercisable, joint filing statement

3 terms

beneficial ownership limitation regulatory

"warrants contain a beneficial ownership limitation that prohibits exercise to the extent it would cause the holder's beneficial ownership to exceed 9.99%"

A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.

warrants exercisable financial

"The Reporting Persons hold warrants exercisable for 596,854 shares"

joint filing statement regulatory

"JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k)"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

KIORA PHARMACEUTICALS, INC.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

49721T507

(CUSIP Number)

03/31/2026

(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

Alyeska Investment Group, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 394,668.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 394,668.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

394,668.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 49721T507

1

Names of Reporting Persons

Alyeska Fund 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 394,668.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 394,668.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

394,668.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 49721T507

1

Names of Reporting Persons

Anand Parekh

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 394,668.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 394,668.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

394,668.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

IN

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: (i) Alyeska Investment Group, L.P. (ii) Alyeska Fund GP, LLC (iii) Anand Parekh
(b)	Address or principal business office or, if none, residence: (i) 77 West Wacker Drive, 7th Floor, Chicago, IL 60601 (ii) 77 West Wacker Drive, 7th Floor, Chicago, IL 60601 (iii) 77 West Wacker Drive, 7th Floor, Chicago, IL 60601
(c)	Citizenship: (i) Alyeska Investment Group, L.P. - Delaware (ii) Alyeska Fund GP, LLC - Delaware (iii) Anand Parekh - United States of America
(d)	Title of class of securities: Common Stock, $0.01 par value
(e)	CUSIP Number(s): 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: 394,668
(b)	Percent of class: 9.99%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 394,668
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 394,668
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.
	Not Applicable
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.

Alyeska Investment Group, L.P.

Signature:	Jason Bragg
Name/Title:	Jason Bragg | Chief Financial Officer
Date:	05/15/2026

Alyeska Fund GP, LLC

Signature:	Jason Bragg
Name/Title:	Jason Bragg | Chief Financial Officer
Date:	05/15/2026

Anand Parekh

Signature:	Anand Parekh
Name/Title:	Anand Parekh | Self
Date:	05/15/2026

Exhibit Information

As of March 31, 2026, the Reporting Persons beneficially own 394,668 shares of Common Stock issuable upon exercise of warrants. The Reporting Persons hold warrants exercisable for 596,854 shares; however, such warrants contain a beneficial ownership limitation that prohibits exercise to the extent it would cause the holder's beneficial ownership to exceed 9.99% of the outstanding Common Stock. Based on 3,950,628 shares of Common Stock outstanding (per the Form 10-K dated March 25, 2026), the 9.99% limitation permits exercise of only 394,668 warrant shares. Position held by Alyeska Master Fund, L.P. Alyeska Investment Group, L.P., as investment manager, exercises voting and investment control over the shares held by Alyeska Master Fund, L.P. Anand Parekh, as Chief Executive Officer of Alyeska Investment Group, L.P., may be deemed the beneficial owner of such shares. Mr. Parekh disclaims beneficial ownership of such shares. JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

FAQ

What stake does Alyeska report in KPRX?

Alyeska reports beneficial ownership of 394,668 shares, equal to 9.99% of common stock. This figure is limited by a contractual beneficial ownership cap tied to warrants and is stated as of March 31, 2026.

How many warrant shares does Alyeska hold for Kiora (KPRX)?

The filers hold warrants exercisable for 596,854 shares. Due to a 9.99% beneficial ownership limitation, only 394,668 warrant shares may be exercised under current outstanding share counts.

What outstanding share count does the filing use to calculate the 9.99% limit?

The filing cites 3,950,628 shares outstanding per Kiora's Form 10-K dated March 25, 2026. That figure is the basis for the 9.99% exercise cap described in the filing.

Who controls the voting and why is Anand Parekh listed?

Alyeska Investment Group, L.P. is reported as exercising voting and investment control. Anand Parekh is named due to his role but the filing states he disclaims beneficial ownership of the reported shares.