Kiora Pharmaceuticals (NASDAQ: KPRX) details Q2 loss and $24M financing
Rhea-AI Filing Summary
Kiora Pharmaceuticals reported financial results for the second quarter ended June 30, 2026, alongside updates on its retinal-disease pipeline. Enrollment has advanced into the higher 100 µg dose cohort of the Phase 2 ABACUS-2 trial of KIO-301 for late-stage retinitis pigmentosa, with an independent safety review planned after the first few higher-dose patients are treated. The company expects the last patient, first visit in the first quarter of 2027 and topline data in the third quarter of 2027. Development costs for ABACUS-2 are fully reimbursed under Kiora’s collaboration with Théa Open Innovation, which holds exclusive rights to KIO-301 in the U.S., Europe and other select territories outside Asia.
For KIO-104, a non-steroidal DHODH inhibitor for retinal inflammation and macular edema, patients are being enrolled into the higher-dose group of the Phase 2 KLARITY trial, with initial clinical data expected in late 2026. Kiora is also evaluating potential strategic transactions to diversify its pipeline, which could trigger warrant exercises linked to a recent financing, and is assessing partnering options across Asian territories, including an option agreement with Senju and a potential commercial partner in South Korea.
Kiora ended the quarter with approximately $16.8 million in cash and short-term investments, up from $13.9 million at March 31, 2026, and has secured a private placement for up to $24.0 million in gross proceeds, including $5.0 million already received. Based on its operating plan, collaboration reimbursements and available capital, the company expects to fund operations into late 2028. Research and development expenses were $2,077,116 before $1,336,263 in collaboration credits, general and administrative expenses were $1,383,504, and net loss was $2,079,010, or $0.34 per share, for the second quarter of 2026.
Positive
- Kiora ended Q2 2026 with approximately $16.8 million in cash and short-term investments and has secured a private placement for up to $24.0 million in gross proceeds, including $5.0 million upfront, supporting an expected operating runway into late 2028.
Negative
- None.
Filing Explained
At
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Cash and short-term investments: approximately $16.8 million
Private placement capacity: up to $24.0 million
Net loss Q2 2026: $2,079,010
+5 more
8 metrics
Cash and short-term investments
approximately $16.8 million
As of June 30, 2026; management expects this to fund operations into late 2028
Private placement capacity
up to $24.0 million
Gross proceeds from secured private placement, including $5.0 million received upfront
Net loss Q2 2026
$2,079,010
Three months ended June 30, 2026
Net loss per share Q2 2026
$0.34
Basic and diluted net loss per common share for the three months ended June 30, 2026
Research and development expense Q2 2026
$2,077,116
Before $1,336,263 collaboration credits for the quarter ended June 30, 2026
Collaboration credits Q2 2026
$1,336,263
Reimbursable expenses from Théa for ABACUS-2 in the quarter ended June 30, 2026
Common shares outstanding
4,427,167
Common shares issued and outstanding as of June 30, 2026
Weighted average shares outstanding basic Q2 2026
6,177,679
Used to compute basic and diluted net loss per share for Q2 2026
Key Terms
molecular photoswitch, dihydroorotate dehydrogenase, contingent consideration, deferred collaboration revenue, +1 more
5 terms
molecular photoswitch medical
"KIO-301 is our small-molecule molecular photoswitch designed to restore light sensitivity"
A molecular photoswitch is a small molecule that changes its shape or chemical behavior when exposed to specific wavelengths of light, acting like a tiny light-controlled switch inside a material or device. Investors care because this light-driven on/off control enables precise, remote operation of drugs, sensors, data storage and smart materials, creating opportunities for products with better performance, lower side effects, or new business models.
dihydroorotate dehydrogenase medical
"KIO-104 is a non-steroidal, small-molecule inhibitor of dihydroorotate dehydrogenase, or DHODH"
Dihydroorotate dehydrogenase is an enzyme that helps cells make the basic building blocks of DNA and RNA by acting like a machine on a factory assembly line that produces those components. It matters to investors because drugs that block or modify this enzyme can slow rapidly dividing cells—useful in cancer and autoimmune diseases—so clinical trial results, regulatory decisions, or licensing deals involving this target can materially affect a company’s prospects and valuation.
contingent consideration financial
"Change in Fair Value of Contingent Consideration | 89,414"
Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.
deferred collaboration revenue financial
"Deferred Collaboration Revenue | 1,250,000"
macular edema medical
"KLARITY trial, which is evaluating the therapeutic in patients with macular edema"
Macular edema is a buildup of fluid in the macula, the small central part of the eye responsible for sharp, straight-ahead vision, which causes blurred or distorted sight as if looking through a smudged camera lens. For investors it matters because the condition drives demand for treatments, influences clinical trial results and regulatory approvals, and can change a company’s sales and valuation when new drugs or devices prove effective or fail.
Earnings Snapshot
Net loss: $2,079,010 · Guidance included
Three months ended June 30, 2026
Net loss
$2,079,010
compared with $2,152,459 for the three months ended June 30, 2025
Net loss per share (basic and diluted)
$0.34
compared with $0.54 for the three months ended June 30, 2025
Research and development expense before collaboration credits
$2,077,116
compared with $2,590,489 in the second quarter of 2025
Cash and short-term investments
approximately $16.8 million
compared with $13.9 million at March 31, 2026
Guidance
Based on its current operating plan, expected collaboration reimbursements and available capital, the company expects its resources to fund operations into late 2028; topline ABACUS-2 data are expected in the third quarter of 2027 and initial KLARITY data in late 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Kiora Pharmaceuticals (KPRX) key financial results for Q2 2026?
Kiora reported a Q2 2026 net loss of $2,079,010, or $0.34 per basic and diluted share. Research and development expenses were $2,077,116 before $1,336,263 in collaboration credits, and general and administrative expenses were $1,383,504, broadly consistent with the prior-year quarter.
How much cash does Kiora Pharmaceuticals (KPRX) have and what is its cash runway?
Kiora ended Q2 2026 with approximately $16.8 million in cash and short-term investments, up from $13.9 million at March 31, 2026. Including a private placement and expected collaboration reimbursements, the company anticipates its current resources will fund operations into late 2028 under its current operating plan.
What is the status and timeline of the ABACUS-2 KIO-301 trial at Kiora Pharmaceuticals (KPRX)?
The ABACUS-2 Phase 2 trial of KIO-301 has begun enrolling patients in the higher 100 µg dose cohort for late-stage retinitis pigmentosa. An independent safety review will follow initial higher-dose patients, with last patient, first visit expected in Q1 2027 and topline data in Q3 2027.
What progress has Kiora Pharmaceuticals (KPRX) made with KIO-104 and the KLARITY trial?
KIO-104, a non-steroidal DHODH inhibitor, is being evaluated in the Phase 2 KLARITY trial for macular edema due to retinal inflammation. Kiora is enrolling the higher-dose group, reports KIO-104 has been well tolerated to date, and expects initial clinical data in late 2026.
What are the terms of Kiora Pharmaceuticals (KPRX) recent private placement financing?
Kiora secured a private placement for up to $24.0 million in gross proceeds, including $5.0 million received upfront. The remaining potential proceeds depend on the exercise of near-term, milestone-based warrants, which may be linked to completing a strategic transaction by early next year.
How do collaboration agreements affect Kiora Pharmaceuticals (KPRX) finances and programs?
All KIO-301 ABACUS-2 research and development expenses are reimbursed under Kiora’s collaboration with Théa Open Innovation, which also pays deferred collaboration revenue of $1,250,000. Kiora recorded $1,091,385 in collaboration receivables at June 30, 2026, helping offset trial costs.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 7, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
| (Commission File Number) | (IRS Employer Identification No.) | ||||
(858 ) 224-9600
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Conditions.
On May 8, 2026, Kiora Pharmaceuticals, Inc. (the “Company”) issued a press release announcing financial results for the quarter ended March 31, 2026 and an update on clinical development progress. A copy of the release is attached as Exhibit 99.1.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, is not deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates them by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Title | |||||||
99.1 | Press Release of Kiora Pharmaceuticals, Inc., dated as of June 30, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
*Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish copies of any of the omitted schedules and exhibits upon request by the U.S. Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| KIORA PHARMACEUTICALS, INC. | ||||||||
| By: | /s/ Melissa Tosca | |||||||
| Melissa Tosca | ||||||||
| Chief Financial Officer | ||||||||
| (Principal financial and accounting officer) | ||||||||
| Date: August 7, 2026 | ||||||||
Exhibit 99.1
Kiora Pharmaceuticals Reports Second Quarter 2026 Financial Results and Provides Corporate Update
ENCINITAS, Calif.—August 7, 2026 - Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) today reported financial results for the second quarter ended June 30, 2026, and provided an update on its clinical pipeline of small-molecule therapies for retinal diseases and its corporate development activities.
Second Quarter 2026 and Recent Highlights
•Advanced enrollment in the Phase 2 ABACUS-2 clinical trial of KIO-301 into the higher-dose cohort
•Continued enrollment in the higher-dose cohort of the Phase 2 KLARITY clinical trial of KIO-104
•Ended the quarter with approximately $16.8 million in cash and short-term investments, providing an expected operating runway into late 2028
•Secured a private placement for up to $24.0 million in gross proceeds, including $5.0 million received upfront, with the remaining proceeds contingent on the exercise of near-term milestone-based warrants
KIO-301
“Patient demand for ABACUS-2 remains high as we have begun to enroll the higher 100 µg dose cohort,” said Brian Strem, Ph.D., President and Chief Executive Officer of Kiora. “ABACUS-2 is a randomized, double-masked, controlled Phase 2 trial evaluating KIO-301 in patients with late-stage retinitis pigmentosa. KIO-301 is our small-molecule molecular photoswitch designed to restore light sensitivity after the loss of naturally light-sensing photoreceptors and is being developed as a potential mutation agnostic treatment option for patients with retinitis pigmentosa. Following treatment of the first few patients in the higher-dose cohort, an independent, predefined safety review will be conducted before enrollment of the remaining patients proceeds. We expect the last patient, first visit in the first quarter of 2027 with topline data in the third quarter of 2027. Kiora is responsible for conducting the ABACUS-2 trial, with development costs fully reimbursed under its collaboration with Théa Open Innovation, who holds exclusive rights to develop and commercialize KIO-301 in the U.S., Europe, and other select countries outside Asia. In Asia, we have an option agreement with Senju covering Japan, China and other select countries and are evaluating a potential commercial partner for South Korea, the remaining major territory. Kiora believes its current and potential regional partners could support planning for a coordinated global Phase 3 registration study, subject to regulatory feedback, and future commercialization to bring KIO-301 to patients living with RP globally.”
KIO-104
“For KIO-104, we are enrolling patients in the higher-dose group of the Phase 2 KLARITY trial, which is evaluating the therapeutic in patients with macular edema due to retinal inflammation. KIO-104 is a non-steroidal, small-molecule inhibitor of dihydroorotate dehydrogenase, or DHODH, designed for local intravitreal administration. KIO-104 has been well tolerated based on safety information available to date. We expect to report initial clinical data in late 2026. These data are intended to assess the drug’s activity across retinal conditions involving inflammation and macular edema and will inform the next stage of development.”
Business & Future Pipeline
“On the business front, Kiora continues to evaluate potential strategic transactions that could diversify and expand our development pipeline. If completed by early next year, a transaction would satisfy a warrant acceleration milestone provision from our recent private placement that, to the extent warrants are exercised, could provide additional capital. In anticipation, we’re pursuing a range of business activities, including identifying select personnel and planning for the operating capabilities needed to move quickly following completion of any potential transaction.”
Second Quarter 2026 Financial Results
“We continue to efficiently allocate capital primarily toward our ongoing clinical trials. All KIO-301 research and development expenses associated with ABACUS-2 continue to be reimbursed under our collaboration with Théa” said Melissa Tosca, Chief Financial Officer of Kiora. “Based on our current operating plan, expected collaboration reimbursements and available capital, we expect our current resources to fund operations into late 2028.”
Kiora ended the quarter with approximately $16.8 million in cash and short-term investments, compared with $13.9 million at March 31, 2026. The increase primarily reflected proceeds from the strategic equity financing completed during the quarter, partially offset by cash used in operations. The Company also recorded approximately $1.1 million in collaboration receivables and $1.8 million in tax and other receivables as of June 30, 2026.
Research and development expenses were approximately $2.1 million for the second quarter of 2026, before recognizing $1.3 million in reimbursable expenses from Théa, compared with $2.6 million, before recognizing $1.7 million in reimbursable expenses, for the second quarter of 2025. The change primarily reflected lower expenses related to preclinical and CMC activities due to trial progression moving into clinical activities.
General and administrative expenses remained consistent at approximately $1.4 million in the second quarter of 2026 and 2025.
Net loss for the second quarter of 2026 was approximately $2.1 million, compared with a net loss of $2.2 million for the second quarter of 2025.
About Kiora Pharmaceuticals
Kiora Pharmaceuticals is a clinical-stage biotechnology company developing therapies for retinal diseases. The Company uses small molecules to target biological pathways involved in inherited retinal degeneration, retinal inflammation and vision loss.
KIO-301 is a molecular photoswitch being developed initially to restore vision in patients with late-stage retinitis pigmentosa, regardless of the genetic mutation responsible for the disease. The program may also have potential applications in other retinal degenerative conditions. Kiora has granted Théa Open Innovation an exclusive license to develop and commercialize KIO-301 outside Asia.
KIO-104 is a non-steroidal, small-molecule inhibitor of DHODH being developed for retinal inflammation and associated macular edema. It is designed for local ocular administration to regulate immune-cell activity within the eye while limiting systemic exposure.
In addition to news releases and SEC filings, Kiora expects to post information on its website, www.kiorapharma.com, and its social media accounts that could be relevant to investors. Investors are encouraged to follow Kiora on X and LinkedIn and to visit the Company’s website 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 provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements concerning, among other matters, the timing, conduct, enrollment, safety reviews and results of the ABACUS-2 and KLARITY clinical trials; the expected timing of the last patient, first visit and topline results from ABACUS-2; the expected timing and content of clinical data from KLARITY; the potential for KIO-301 and KIO-104 to address multiple indications; the possibility of future global registration studies and commercialization; the potential for pipeline expansion and potential warrant exercises in connection with any transaction; the Company’s ability to complete a potential strategic transaction; the potential for a commercial partner in South Korea; and the sufficiency of the Company’s existing cash and short-term investments to fund operations for specified periods. These statements involve risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, among other things, Kiora’s ability to conduct and complete clinical trials on a timely basis; obtain regulatory or marketing
approvals for its development-stage products, including KIO-301 and KIO-104; successfully develop or commercialize its product candidates; complete a potential strategic transaction on the anticipated terms or timeline, or at all; and other market, operational and regulatory conditions. Additional risks are described under the heading “Risk Factors” contained in Kiora’s Annual Report on Form 10-K filed with the SEC on March 25, 2026 and Kiora’s other public filings with the SEC. 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 publicly update or revise any forward-looking statement to reflect any change in its expectations or any change in the events, conditions or circumstances on which such statement is based, except as required by law.
Contacts: Investors
Investors@kiorapharma.com
Financial Tables Follow
KIORA PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, 2026 (unaudited) | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current Assets: | |||||||||||
| Cash and Cash Equivalents | $ | 7,076,533 | $ | 8,696,570 | |||||||
| Short-Term Investments | 9,761,994 | 8,392,513 | |||||||||
| Prepaid Expenses and Other Current Assets | 1,127,482 | 1,141,804 | |||||||||
| Collaboration Receivables | 1,091,385 | 1,522,770 | |||||||||
| Tax and Other Receivables | 1,815,079 | 1,793,459 | |||||||||
| Prepaid Collaboration Expenses | 390,042 | 201,332 | |||||||||
| Total Current Assets | 21,262,515 | 21,748,448 | |||||||||
| Non-Current Assets: | |||||||||||
| Property and Equipment, Net | 99,637 | 91,672 | |||||||||
| Restricted Cash | 4,706 | 4,566 | |||||||||
| Intangible Assets and In-Process R&D, Net | 2,063,100 | 2,063,100 | |||||||||
| Operating Lease Right-of-Use Assets | 260,753 | 285,827 | |||||||||
| Other Assets | 85,379 | 59,687 | |||||||||
| Total Assets | $ | 23,776,090 | $ | 24,253,300 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current Liabilities: | |||||||||||
| Accounts Payable | $ | 216,497 | $ | 1,060,306 | |||||||
| Accrued Expenses | 1,981,573 | 2,406,731 | |||||||||
| Operating Lease Liabilities | 172,425 | 164,461 | |||||||||
| Total Current Liabilities | 2,370,495 | 3,631,498 | |||||||||
| Non-Current Liabilities: | |||||||||||
| Contingent Consideration | 3,036,157 | 2,939,316 | |||||||||
| Deferred Tax Liability | 102,152 | 102,152 | |||||||||
| Deferred Collaboration Revenue | 1,250,000 | 1,250,000 | |||||||||
| Non-Current Operating Lease Liabilities | 160,597 | 203,798 | |||||||||
| Total Non-Current Liabilities | 4,548,906 | 4,495,266 | |||||||||
| Total Liabilities | 6,919,401 | 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 June 30, 2026 and December 31, 2025, respectively | 4 | 4 | |||||||||
Common Stock, $0.01 Par Value: 150,000,000 shares authorized; 4,427,167 and 3,761,739 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 281,943 | 275,289 | |||||||||
| Additional Paid-In Capital | 175,544,810 | 170,314,656 | |||||||||
| Accumulated Deficit | (158,714,270) | (154,217,276) | |||||||||
| Accumulated Other Comprehensive Loss | (255,798) | (246,137) | |||||||||
| Total Stockholders’ Equity | 16,856,689 | 16,126,536 | |||||||||
| Total Liabilities and Stockholders’ Equity | $ | 23,776,090 | $ | 24,253,300 | |||||||
KIORA PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||||
| General and Administrative | $ | 1,383,504 | $ | 1,353,850 | $ | 2,995,771 | $ | 2,843,248 | |||||||||||||||
| Research and Development | 2,077,116 | 2,590,489 | 4,200,841 | 5,122,376 | |||||||||||||||||||
| Collaboration Credits | (1,336,263) | (1,685,917) | (2,569,487) | (3,652,040) | |||||||||||||||||||
| Change in Fair Value of Contingent Consideration | 89,414 | 137,774 | 96,841 | 412,966 | |||||||||||||||||||
| Total Operating Expenses | 2,213,771 | 2,396,196 | 4,723,966 | 4,726,550 | |||||||||||||||||||
| Operating Loss | (2,213,771) | (2,396,196) | (4,723,966) | (4,726,550) | |||||||||||||||||||
| Other Income (Expense), Net: | |||||||||||||||||||||||
| Interest Income, Net | 146,232 | 225,237 | 285,570 | 501,870 | |||||||||||||||||||
| Other Expense, Net | (11,471) | (93,557) | (58,598) | (109,809) | |||||||||||||||||||
| Total Other Income, Net | 134,761 | 131,680 | 226,972 | 392,060 | |||||||||||||||||||
| Loss Before Income Tax Provision | (2,079,010) | (2,264,516) | (4,496,994) | (4,334,490) | |||||||||||||||||||
| Income Tax Provision | — | 112,057 | — | (10,949) | |||||||||||||||||||
| Net Loss | $ | (2,079,010) | $ | (2,152,459) | $ | (4,496,994) | $ | (4,345,439) | |||||||||||||||
| Net Loss Attributable to Common Shareholders | $ | (2,079,010) | $ | (2,152,459) | $ | (4,496,994) | $ | (4,345,439) | |||||||||||||||
| Net Loss per Common Share - Basic | $ | (0.34) | $ | (0.54) | $ | (0.87) | $ | (1.10) | |||||||||||||||
| Weighted Average Shares Outstanding - Basic | 6,177,679 | 3,989,042 | 5,181,693 | 3,936,649 | |||||||||||||||||||
| Net Loss per Common Share - Diluted | $ | (0.34) | $ | (0.54) | $ | (0.87) | $ | (1.10) | |||||||||||||||
| Weighted Average Shares Outstanding - Diluted | 6,177,679 | 3,989,042 | 5,181,693 | 3,936,649 | |||||||||||||||||||
| Other Comprehensive Loss: | |||||||||||||||||||||||
| Net Loss | $ | (2,079,010) | $ | (2,152,459) | $ | (4,496,994) | $ | (4,345,439) | |||||||||||||||
| Unrealized Loss on Marketable Securities | (10,983) | (11,116) | (19,336) | (27,215) | |||||||||||||||||||
| Foreign Currency Translation Adjustments | (16,019) | 62,532 | 9,674 | 63,604 | |||||||||||||||||||
| Comprehensive Loss | $ | (2,106,012) | $ | (2,101,044) | $ | (4,506,656) | $ | (4,309,050) | |||||||||||||||