Kiora (NASDAQ: KPRX) posts 2025 loss while funding two active Phase 2 trials

Rhea-AI Filing Summary

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.

Insights

Biotech equity analyst

Kiora swung to a 2025 loss as one-time 2024 revenue and a non-cash impairment dropped out, while funding two Phase 2 trials.

Kiora Pharmaceuticals moved from $3.6 million net income in 2024 to a $10.8 million net loss in 2025. The shift reflects the absence of the prior year’s $16.0 million collaboration revenue and a $4.6 million in-process R&D impairment tied to KIO-104 valuation inputs, not a change in its development plans.

R&D spending rose to $10.8 million as the company activated Phase 2 trials for KIO-301 (ABACUS-2) and KIO-104 (KLARITY), while G&A expenses were relatively stable at $5.7 million. Collaboration credits from Laboratoires Théa offset some costs, totaling $7.1 million in 2025.

The balance sheet showed $17.1 million in cash, cash equivalents and short-term investments plus $3.5 million in receivables at year-end, and management projects funding into late 2027, beyond anticipated initial data from both Phase 2 trials. An option deal with Senju with potential value up to $110 million plus royalties adds longer-term upside but depends on future exercise.

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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): March 25, 2026

KIORA PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

001-36672			98-0443284
(Commission File Number)			(IRS Employer Identification No.)

169 Saxony Rd.

Suite 212

Encinitas, CA 92024

(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:

Common Stock, $0.01 par value

KPRX

NASDAQ

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 March 25, 2026, Kiora Pharmaceuticals, Inc. (the “Company”) issued a press release announcing financial results for the year ended December 31, 2025 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 March 25, 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: March 25, 2026

Exhibit 99.1

Kiora Pharmaceuticals Reports Fourth-Quarter and Full-Year 2025 Results; Company Advances Retinal Disease Pipeline with Two Active Phase 2 Clinical Trials

Encinitas, California — March 25, 2026 — Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) ("Kiora" or the "Company") today announced financial results for the fourth quarter and full year ended December 31, 2025, and provided a year-end business update on its pipeline of small molecules for the treatment of retinal diseases.

Key fourth-quarter, full-year 2025, and recent corporate highlights include:

•Advanced KIO-301 from regulatory clearance to patient dosing in ABACUS-2, a Phase 2 randomized, controlled clinical trial in patients with advanced retinitis pigmentosa.

•Strengthened the strategic global commercial network for KIO-301 through an option agreement with Senju Pharmaceutical Co. Ltd. covering key Asian markets with potential deal value of up to $110 million plus royalties, if exercised.

•Advanced KIO-104 from regulatory clearance to patient dosing in KLARITY, a Phase 2 dose-escalating trial evaluating the treatment of macular edema due to retinal inflammation.

•Ended 2025 with $17.1 million in cash, cash equivalents, and short-term investments, plus $3.5 million in receivables consisting of $1.5 million in collaboration receivables, $1.0 million in tax receivables, and $1.0 million in research credit and other receivables.

•Reported fourth-quarter and full-year 2025 net cash used in operating activities of $2.2 million and $10.0 million, respectively.

•Identified the potential for platform expansion of KIO-300 as an ion-channel modulator through a preclinical ex vivo proof of concept study in the treatment of epilepsy.

•Based on current operating plans, expects existing cash, cash equivalents, and short-term investments to fund operations into late 2027, beyond anticipated topline data readouts for ABACUS-2 and KLARITY.

“Our success in 2025 was defined by transitioning from trial preparation to trial execution for our two lead programs,” said Brian M. Strem, Ph.D., President and Chief Executive Officer of Kiora. “We started the year with approvals to begin KLARITY and ABACUS-2 and exited the year with both Phase 2 trials underway, actively recruiting and dosing patients. These milestones meaningfully advanced our goal of delivering new treatment options for patients with retinal diseases and position us for anticipated clinical data in the first half of 2027.

“For KIO-301, we completed validation of the functional vision endpoints to support later-stage development; activated multiple trial sites for the 36-patient ABACUS-2 ascending dose, randomized, controlled, clinical trial; and dosed the first cohort of patients. Further, we received approval following a planned safety review checkpoint to complete the remaining patients in the 50µg dose as well as clearance to then initiate the 100µg dose cohort. Based on the current enrollment rate and follow-up, the six-week dosing period, and the three-month follow-up, we anticipate an initial data readout in the third quarter of 2027. Combined with the Senju regional partnership and our collaboration with Laboratoires Théa, we believe we finished 2025 with considerable momentum across the business and support from strong development and commercial partners.

“The potential of KIO-300 as an ion-channel modulator platform extends beyond ophthalmic indications. As an example, last year our discovery team demonstrated preclinical ex vivo proof of concept in the treatment of epilepsy. The platform may also have broader relevance in other therapeutic spaces where ion-channel modulators may dampen excess excitatory effects in cells that contribute to unwanted disease-related signaling.

“For KIO-104, we initiated and began dosing patients in KLARITY and cleared the early planned safety review checkpoint. This Phase 2 trial is a two-stage study designed to evaluate multiple doses of KIO-104 in patients with macular edema due to retinal inflammation. Findings from the initial stage will inform the dose-expansion stage in one or more specific indications.”

Fourth-Quarter and Full-Year Financial Highlights

“With two Phase 2 trials now active, we enter the year with continued operational focus and financial discipline,” said Melissa Tosca, Chief Financial Officer of Kiora. “We ended 2025 with a strong cash position, support from our strategic collaboration partners, and a projected cash runway into late 2027. Importantly, we believe this runway extends beyond the anticipated initial data readouts from both ongoing clinical trials, positioning us to execute our near-term milestones and continue advancing our pipeline.”

Cash Position:

•Kiora ended the year with $17.1 million in cash, cash equivalents, and short-term investments. The Company also recorded $3.5 million in receivables, consisting of $1.5 million in collaboration receivables from Laboratoires Théa (“Théa”) for reimbursable R&D expenses, $1.0 million in tax receivables, and $1.0 million in research credit and other receivables.

Research and Development:

•R&D expenses for the fourth quarter of 2025 were $2.9 million before recognizing $1.8 million in reimbursable expenses from Théa, compared with $1.9 million before recognizing $0.7 million in reimbursable expenses from Théa in the fourth quarter of 2024.

•R&D expenses for 2025 were $10.8 million before recognizing $7.1 million in reimbursable expenses from Théa, compared with $7.8 million in 2024 before recognizing $2.9 million in reimbursed R&D expenses from Théa.

•The increases in R&D expense for the quarter and year were driven primarily by clinical trial activities for KIO-301 and KIO-104.

General and Administrative:

•G&A expenses were $1.5 million in the fourth quarter of 2025, compared with $1.3 million in the fourth quarter of 2024.

•G&A expenses were $5.8 million in 2025, compared with $5.5 million in 2024.

•The increases in G&A expense for the quarter and year were primarily related to personnel and associated activities.

Net Income (Loss):

•The Company reported a net loss of $6.5 million in the fourth quarter of 2025, compared with a net loss of $4.2 million in the fourth quarter of 2024.

•The Company reported a net loss of $10.8 million for 2025, compared with net income of $3.6 million in 2024.

•The increase in net loss for the quarter was driven primarily by a non-cash impairment charge related to KIO-104, resulting from changes in equity market-based valuation inputs. This charge does not reflect any change in development timelines, probability of technical success, or Kiora’s strategic focus on KIO-104. The year-over-year shift to a net loss was primarily due to the recognition of the $16.0 million upfront payment from Théa as collaboration revenue in 2024.

About Kiora Pharmaceuticals

Kiora Pharmaceuticals is a clinical-stage biotechnology company developing advanced therapies for retinal disease. We target critical pathways underlying retinal diseases using innovative small molecules to slow, stop, or restore vision loss. KIO-301 is being developed initially for the treatment of retinitis pigmentosa, with potential to expand into choroideremia and Stargardt disease. It is a molecular photoswitch that has the

potential to restore vision in patients with inherited and/or age-related retinal degeneration. KIO-104 is being developed for the treatment of macular edema due to retinal inflammation. It is a next-generation, non-steroidal, immuno-modulatory, and small-molecule inhibitor of dihydroorotate dehydrogenase (DHODH).

In addition to news releases and SEC filings, we expect to post information on our website, www.kiorapharma.com, and social media accounts that could be relevant to investors. We encourage investors to follow us on X and LinkedIn as well as to visit our website and/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 provision of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements include statements relating to, among other things, Kiora's ability to execute on development and commercialization efforts and other regulatory or marketing approval efforts pertaining to Kiora's development-stage products, including KIO-104 and KIO-301, as well as the success thereof, with such approvals or success may not be obtained or achieved on a timely basis or at all, the sufficiency of existing cash and short-term investments on hand to fund operations for specific periods, the timeline of anticipated readouts, the potential for cash runway extension through partnership milestones, the potential to add trial centers, expand the geographic footprint of trials and/or accelerate enrollment, the potential for KIO-301 and KIO-104 to address multiple indications, and the possibility of future registration studies and global commercialization. These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release, including, among other things, the ability to conduct clinical trials on a timely basis, market and other conditions and certain risk factors described under the heading "Risk Factors" contained in Kiora's Annual Report on Form 10-K filed with the SEC on March 25, 2026 or described in Kiora's other public filings, including on Form 10-Q filed with the SEC on November 7, 2025. 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 release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions, or circumstances on which any such statement is based, except as required by law.

Contacts:

Investors

Investors@kiorapharma.com

Financial Tables Follow

KIORA PHARMACEUTICALS, INC.

CONSOLIDATED BALANCE SHEETS

			December 31,
			2025						2024
ASSETS
Current Assets:
Cash and Cash Equivalents			$	8,696,570					$	3,792,322
Short-Term Investments			8,392,513						22,999,760
Prepaid Expenses and Other Current Assets			1,141,804						2,042,487
Collaboration Receivables			1,522,770						601,197
Tax and Other Receivables			1,793,459						270,246
Prepaid Collaboration Expenses			201,332						—
Total Current Assets			21,748,448						29,706,012
Non-Current Assets:
Property and Equipment, Net			91,672						5,232
Restricted Cash			4,566						4,057
Intangible Assets and In-Process R&D, Net			2,063,100						6,687,100
Operating Lease Assets with Right-of-Use			285,827						57,170
Other Assets			59,687						24,913
Total Assets			$	24,253,300					$	36,484,484
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts Payable			$	1,060,306					$	415,590
Accrued Expenses			2,406,731						4,588,657
Accrued Collaboration Credit			—						981,111
Operating Lease Liabilities			164,461						23,355
Total Current Liabilities			3,631,498						6,008,713
Non-Current Liabilities:
Contingent Consideration			2,939,316						4,191,490
Deferred Tax Liability			102,152						490,690
Deferred Collaboration Revenue			1,250,000						—
Non-Current Operating Lease Liabilities			203,798						33,815
Total Non-Current Liabilities			4,495,266						4,715,995
Total Liabilities			8,126,764						10,724,708
Commitments and Contingencies (Note 12)
Stockholders’ Equity:
Preferred Stock, $0.01 Par Value: 10,000,000 shares authorized at December 31, 2025 and 2024; 3,750 designated Series A, 0 shares issued and outstanding at December 31, 2025 and 2024; 10,000 designated Series B, 0 shares issued and outstanding at December 31, 2025 and 2024; 10,000 shares designated Series C, 0 shares issued and outstanding at December 31, 2025 and 2024; 20,000 shares designated Series D, 7 shares issued and outstanding at December 31, 2025 and 2024; 1,280 shares designated Series E, 0 shares issued and outstanding at December 31, 2025 and 2024; 3,908 shares designated Series F, 420 shares issued and outstanding at December 31, 2025 and 2024			4						4
Common Stock, $0.01 Par Value: 150,000,000 shares authorized at December 31, 2025 and 2024; 3,761,739 and 3,000,788 shares issued and outstanding at December 31, 2025 and 2024, respectively			275,289						267,679
Additional Paid-In Capital			170,314,656						169,156,374
Accumulated Deficit			(154,217,276)						(143,382,122)
Accumulated Other Comprehensive Loss			(246,137)						(282,159)
Total Stockholders’ Equity			16,126,536						25,759,776
Total Liabilities and Stockholders’ Equity			$	24,253,300					$	36,484,484

KIORA PHARMACEUTICALS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

			Year Ended December 31,
			2025						2024
Revenue:
Collaboration Revenue			$	—					$	16,000,000
Grant Revenue			—						20,000
Total Revenue			—						16,020,000
Operating Expenses:
General and Administrative			5,745,087						5,542,324
Research and Development			10,780,397						7,842,207
Collaboration Credits			(7,066,237)						(2,945,350)
In-Process R&D Impairment			4,624,000						2,008,000
Change in Fair Value of Contingent Consideration			(1,252,174)						(937,469)
Total Operating Expenses			12,831,073						11,509,712
Operating (Loss) Income Before Other Income (Expense), Net			(12,831,073)						4,510,288
Other Income, Net:
Impairment of Intangible Assets			—						(104,167)
Loss on Disposal of Fixed Assets			—						(3,859)
Interest Income			894,002						1,252,849
Interest Expense			(19,960)						(21,446)
Other (Expense) Income, Net			(160,272)						26,073
Total Other Income, Net			713,770						1,149,450
(Loss) Income Before Income Tax Expense			(12,117,303)						5,659,738
Income Tax Benefit (Expense)			1,282,149						(2,065,005)
Net (Loss) Income			(10,835,154)						3,594,733
Net (Loss) Income Attributable to Common Shareholders			$	(10,835,154)					$	3,594,733
Net (Loss) Income per Common Share - Basic			$	(2.60)					$	0.93
Weighted Average Shares Outstanding - Basic			4,166,692						3,872,644
Net (Loss) Income per Common Share - Diluted			$	(2.64)					$	0.87
Weighted Average Shares Outstanding - Diluted			4,103,873						4,125,075
Other Comprehensive (Loss) Income:
Net (Loss) Income			$	(10,835,154)					$	3,594,733
Unrealized (Loss) Gain on Marketable Securities			(20,073)						29,719
Foreign Currency Translation Adjustments			56,096						(129,077)
Comprehensive (Loss) Income			$	(10,799,131)					$	3,495,375

FAQ

How did Kiora Pharmaceuticals (KPRX) perform financially in 2025?

Kiora reported a net loss of $10.8 million for 2025, compared with net income of $3.6 million in 2024. The change mainly reflects the absence of $16.0 million collaboration revenue recognized in 2024 and a $4.6 million in-process R&D impairment in 2025.

What was Kiora Pharmaceuticals’ cash position and runway at year-end 2025?

Kiora ended 2025 with $17.1 million in cash, cash equivalents, and short-term investments, plus $3.5 million in receivables. Management stated that, based on current operating plans, this liquidity is expected to fund operations into late 2027, beyond planned initial data readouts from its two Phase 2 trials.

How did Kiora’s R&D and G&A expenses change in 2025?

Research and development expenses increased to $10.8 million in 2025 from $7.8 million in 2024, primarily due to clinical trial activity for KIO-301 and KIO-104. General and administrative expenses were relatively stable, rising modestly to $5.7 million from $5.5 million, mainly from personnel-related costs.

What clinical progress did Kiora (KPRX) report for KIO-301 and KIO-104?

Kiora advanced KIO-301 into the Phase 2 ABACUS-2 trial in advanced retinitis pigmentosa and KIO-104 into the Phase 2 KLARITY trial for macular edema due to retinal inflammation. Both trials moved from regulatory clearance to active patient dosing and passed early safety review checkpoints.

What is the significance of Kiora’s option agreement with Senju Pharmaceutical?

Kiora entered an option agreement with Senju Pharmaceutical for KIO-301 in key Asian markets, with a potential deal value of up to $110 million plus royalties if exercised. This strengthens KIO-301’s prospective commercial network but remains contingent on Senju exercising the option.

Why did Kiora record a $4.6 million in-process R&D impairment in 2025?

Kiora recognized a $4.6 million in-process R&D impairment related to KIO-104 in 2025, driven by changes in equity market-based valuation inputs. The company noted this non-cash charge does not reflect changes in development timelines, probability of technical success, or its strategic focus on KIO-104.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 99.7 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 22.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.8 KB