Orin Hirschman, AIGH disclose 4.9% Kiora (KPRX) stake via warrants

Rhea-AI Filing Summary

Kiora Pharmaceuticals, Inc. shareholder AIGH Capital Management LLC and related reporting person Orin Hirschman filed an amended Schedule 13G stating beneficial ownership of 192,984 shares of Kiora common stock as of December 31, 2025. This amount, entirely issuable upon exercise of warrants, represents 4.9% of Kiora’s common stock. The filing notes an additional 514,134 warrant shares are excluded because they are not currently exercisable due to beneficial ownership limitations, and confirms the securities are held in the ordinary course of business without the purpose of influencing control.

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, $0.0001 par value per share

(Title of Class of Securities)

49721T507

(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. 49721T507

1

Names of Reporting Persons

Orin Hirschman

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 0.00
7	Sole Dispositive Power 192,984.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

192,984.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 49721T507

1

Names of Reporting Persons

AIGH 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 192,984.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

192,984.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Kiora Pharmaceuticals, Inc.
(b)	Address of issuer's principal executive offices: 332 Encinitas Blvd. Suite 102, Encinitas, CA 92024
Item 2.
(a)	Name of person filing: This Schedule 13G is being jointly filed by each of the following persons pursuant to Rule 13d-1 promulgated by the Securities and Exchange Commission pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the "Act"): (i) AIGH Capital Management, LLC, a Maryland limited liability company ("AIGH CM"), as an Advisor or Sub-Advisor with respect to shares of Common Stock (as defined in Item 2(d) below) held by AIGH Investment Partners, L.P., and WVP Emerging Manger Onshore Fund, LLC - AIGH Series. (ii) AIGH Investment Partners, L.L.C., a Delaware limited liability company ("AIGH LLC";), with respect to shares of Common Stock (as defined in Item 2(d) below) directly held by it; (iii) Mr. Orin Hirschman ("Mr. Hirschman"), who is the Managing Member of AIGH Capital Management, LLC and president of AIGH LLC, with respect to shares of Common Stock (as defined in Item 2(d) below) indirectly held through AIGH CM, directly by AIGH LLC and Mr. Hirschman and his family directly. AIGH Capital Management LLC., AIGH Investment Partners LLC, and Mr. Hirschman are hereinafter sometimes collectively referred to as the "Reporting Persons." Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.
(b)	Address or principal business office or, if none, residence: The principal office and business address of AIGH Capital Management LLC, AIGH Investment Partners LLC, and Mr.Hirschman is: 6006 Berkeley Avenue, Baltimore MD 21209
(c)	Citizenship: See Item 2(a) above and Item 4 of each cover page.
(d)	Title of class of securities: Common Stock, $0.0001 par value 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: 192,984 Includes 192,984 common shares issuable upon exercise of warrants and excludes 514,134 common shares issuable upon exercise of warrants not exercisable due to beneficial ownership limitations on exercise
(b)	Percent of class: 4.9 %
(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: 192,984 Includes 192,984 common shares issuable upon exercise of warrants and excludes 514,134 common shares issuable upon exercise of warrants not exercisable due to beneficial ownership limitations on exercise
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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.

Orin Hirschman

Signature:	/s/ Orin Hirschman
Name/Title:	Orin Hirschman
Date:	01/29/2026

AIGH Capital Management LLC

Signature:	/s/ Orin Hirschman
Name/Title:	Orin Hirschman, Managing Member
Date:	01/29/2026

FAQ

What ownership stake in Kiora Pharmaceuticals (KPRX) is reported in this Schedule 13G/A?

The filing reports beneficial ownership of 192,984 Kiora common shares, all issuable upon exercise of warrants. This represents 4.9% of the company’s common stock as of the relevant date, placing the holder just under the 5% reporting threshold.

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

The Schedule 13G/A is jointly filed by AIGH Capital Management LLC, AIGH Investment Partners LLC, and Orin Hirschman. Hirschman is the Managing Member of AIGH Capital Management and president of AIGH Investment Partners, and they are collectively referred to as the reporting persons.

How is the 192,984-share Kiora (KPRX) position held according to the filing?

The reported 192,984 Kiora shares are not currently issued stock but are common shares issuable upon exercise of warrants. The filing also notes sole dispositive power over these shares and no current voting power for the reporting persons.

What additional Kiora (KPRX) warrants are mentioned but not counted as beneficially owned?

The statement notes 514,134 additional Kiora common shares issuable upon exercise of warrants are excluded from beneficial ownership. These warrants are not exercisable because of beneficial ownership limitations that restrict how much of the company’s stock can be held upon exercise.

What does the 4.9% figure mean for Kiora Pharmaceuticals (KPRX) ownership?

The filing shows the reporting persons’ beneficial ownership at 4.9% of Kiora’s common stock. This reflects only the 192,984 warrant shares currently counted as beneficially owned and confirms they hold 5 percent or less of the class of common stock.

Are the Kiora (KPRX) securities held to influence control of the company?

No. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose, or with the effect, of changing or influencing control of Kiora, nor in connection with any transaction having that purpose or effect.