Rosalind Advisors discloses 9.9% Kiora (KPRX) warrant stake

Rhea-AI Filing Summary

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

KIORA PHARMACEUTICALS INC

(Name of Issuer)

Common Shares

(Title of Class of Securities)

49721T101

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 49721T101

1

Names of Reporting Persons

Rosalind Advisors, Inc.

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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 464,676.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 464,676.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

464,676.00

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)

CO

Comment for Type of Reporting Person: This percentage is calculated based upon 3,677,935 common stock as of November 5th, 2025, as reported by the Issuer on the 10Q filed. However, as more fully described in Item 4, the securities reported in rows 6, 8, and 9 show the number of shares of Common Stock that would be issuable upon full conversion and exercise of such reported securities and do not give effect to such blockers. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows 6, 8, and 9. (6) 464,676 shares of Common Stock issuable upon exercise of warrants

SCHEDULE 13G

CUSIP No. 49721T101

1

Names of Reporting Persons

SALAMON STEVEN A J

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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 464,676.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 464,676.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

464,676.00

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)

IN

Comment for Type of Reporting Person: (6) 464,676 shares of Common Stock issuable upon exercise of warrants

SCHEDULE 13G

CUSIP No. 49721T101

1

Names of Reporting Persons

Aharon Gil

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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 464,676.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 464,676.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

464,676.00

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)

IN

Comment for Type of Reporting Person: (6) 464,676 shares of Common Stock issuable upon exercise of warrants

SCHEDULE 13G

CUSIP No. 49721T101

1

Names of Reporting Persons

Rosalind Master Fund 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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 464,676.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 464,676.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

464,676.00

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)

PN

Comment for Type of Reporting Person: (6) 464,676 Shares of Common Stock issuable upon exercise of warrants

SCHEDULE 13G

Item 1.
(a)	Name of issuer: KIORA PHARMACEUTICALS INC
(b)	Address of issuer's principal executive offices: 332 ENCINITAS BOULEVARD, 332 ENCINITAS BOULEVARD, ENCINITAS, CALIFORNIA, 92024
Item 2.
(a)	Name of person filing: Rosalind Advisors Inc. Advisor to RMF Rosalind Master Fund L.P. RMF Steven Salamon President Steven Salamon is the portfolio manager of the Advisor which advises RMF. Gilad Aharon is the portfolio manager and member of the Advisor which advises RMF.
(b)	Address or principal business office or, if none, residence: Rosalind Advisors, Inc. 15 Wellesley Street West Suite 326 Toronto, Ontario M4Y 0G7 Canada Rosalind Master Fund L.P. P.O. Box 309 Ugland House, Grand Cayman KY1-1104, Cayman Islands Steven Salamon 15 Wellesley Street West Suite 326 Toronto, Ontario M4Y 0G7 Canada Gilad Aharon 15 Wellesley Street West Suite 326 Toronto, Ontario M4Y 0G7 Canada
(c)	Citizenship: Mr. Salamon and Mr. Aharon are citizens of Canada, resident in Ontario
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 49721T101
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 as of the date of the event which requires filing of this statement required by Items 4a to c is set forth in Rows 5 to 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The percentage set forth in Row 11 of the cover page for each Reporting Person is based upon 3,677,935 common stock as of November 5th, 2025, as reported by the Issuer on the 10Q filed. Rosalind Master Fund L.P. may have been deemed to have no beneficial ownership of shares of common stock, which excludes the 464,676 shares issuable upon the exercise of warrants because they contain a blocker provision under which the holder thereof does not have the right to exercise any of the warrant to the extent that such exercise would result in beneficial ownership by the holder in excess of 9.99% of the Common Stock. Consequently, as of the date of the event which requires the filing of this statement, the Reporting Persons were not able to exercise any of the warrants due to the Blockers. Rosalind Advisors Inc. is the investment advisor to RMF and may be deemed to be the beneficial owner of shares held by RMF. Steven Salamon is the portfolio manager of the Advisor and may be deemed to be the beneficial owner of shares held by RMF. Notwithstanding the foregoing, the Advisor and Mr. Salamon disclaim beneficial ownership of the shares.
(b)	Percent of class: Rosalind Advisors Inc. 9.9% Rosalind Master Fund L.P. 9.9% Steven Salamon 9.9% Gilad Aharon 9.9%
(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: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
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.

Rosalind Advisors, Inc.

Signature:	Steven Salamon
Name/Title:	President
Date:	02/11/2026

SALAMON STEVEN A J

Signature:	Steven Salamon
Name/Title:	Steven Salamon
Date:	02/11/2026

Aharon Gil

Signature:	Gil Aharon
Name/Title:	Gil Aharon
Date:	02/11/2026

Rosalind Master Fund L.P.

Signature:	Mike McDonald
Name/Title:	Director, Rosalind (Cayman) Ltd. (as General Partner to Rosalind Master Fund)
Date:	02/11/2026

FAQ

What ownership in Kiora Pharmaceuticals (KPRX) does Rosalind report?

Rosalind and related parties report beneficial ownership linked to warrants for up to 464,676 Kiora common shares, representing 9.9% of the class based on 3,677,935 shares outstanding as of November 5, 2025.

How did Rosalind calculate its 9.9% KPRX ownership stake?

The 9.9% figure is calculated using 3,677,935 Kiora common shares outstanding as of November 5, 2025, as reported by the company in a Form 10-Q. The reported 464,676 shares are issuable upon exercise of warrants held by the reporting persons.

Are Rosalind’s Kiora (KPRX) warrants currently exercisable?

The filing explains the warrants include a 9.99% beneficial ownership blocker. As of the December 31, 2025 event date, this blocker prevented the reporting persons from exercising any warrants, despite the 464,676 shares being issuable upon full exercise.

Do Rosalind and its principals seek control of Kiora Pharmaceuticals (KPRX)?

The reporting persons certify the securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of Kiora, nor in connection with any transaction having that control-related purpose.

Who are the reporting persons in the Kiora (KPRX) Schedule 13G/A?

The filing names Rosalind Advisors Inc., Rosalind Master Fund L.P., and individuals Steven Salamon and Gilad Aharon as reporting persons. Rosalind Advisors acts as investment adviser to the fund, and the individuals serve as portfolio managers associated with the adviser.

What voting and dispositive power over KPRX shares do the filers report?

In the ownership section, the reporting persons state they have zero sole or shared power to vote, and zero sole or shared power to dispose of Kiora common shares as of the relevant event date, reflecting the effect of the warrant blocker provisions.