Nantahala Discloses 189,705 Shares in Kiora; Warrants Included

Rhea-AI Filing Summary

Nantahala Capital Partners reported beneficial ownership of 189,705 shares of Kiora Pharmaceuticals common stock, representing 5.299% of the outstanding shares as of August 8, 2025. The filing states that 146,533 of those shares may be acquired within 60 days through the exercise of warrants, and Nantahala holds shared voting and dispositive power over the full 189,705 shares while holding no sole voting or dispositive power. The ownership percentage is calculated using 3,433,491 shares outstanding per Kiora's Form 10-Q filed August 8, 2025. The filing includes certifications that the holdings were acquired in the ordinary course of business and not for the purpose of changing or influencing control.

Positive

• Clear disclosure of a 5.299% beneficial ownership exceeding the 5% reporting threshold
• Includes exercisable warrants (146,533 shares) within 60 days, which explains part of the reported position

Negative

• None.

Insights

Financial Analyst

TL;DR: Nantahala reports a 5.299% stake in Kiora, including warrants that vest within 60 days; holdings are disclosed as shared authority.

This Schedule 13G discloses a meaningful passive position at just over the 5% threshold, with 146,533 shares exercisable via warrants within 60 days, which explains part of the reported position. The filing indicates shared voting and dispositive power for the entire position and explicitly states the stake was acquired in the ordinary course of business, not to influence control. For investors, the key numbers are the 189,705 total shares and the 3,433,491 share base used to calculate the 5.299% ownership.

Corporate Governance Expert

TL;DR: This is a routine Schedule 13G disclosure showing passive ownership above 5% with warrants included; no control intent stated.

The filing follows Rule 13d-1 reporting requirements for a passive investor crossing the 5% threshold. It clarifies that Nantahala has shared voting and dispositive power but disclaims any intent to change or influence control. The inclusion of exercisable warrants within 60 days is material to the percentage calculation and should be noted by governance stakeholders monitoring significant passive positions. No group affiliations or additional parties are identified.

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)

08/08/2025

(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

NANTAHALA CAPITAL PARTNERS LIMITED PARTNERSHIP

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

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 189,705.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 189,705.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

189,705.00

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)

5.299 %

12

Type of Reporting Person (See Instructions)

PN

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: NANTAHALA CAPITAL PARTNERS LIMITED PARTNERSHIP ("Nantahala")
(b)	Address or principal business office or, if none, residence: 130 Main St. 2nd Floor, New Canaan, CT 06840
(c)	Citizenship: Nantahala is a Massachusetts limited partnership.
(d)	Title of class of securities: Common Stock, $0.01 par value
(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: As of August 8,2025, Nantahala may be deemed to be the beneficial owner of 189,705 Shares. The 189,705 Shares includes 146,533 Shares which may be acquired by the Reporting Persons within sixty days through the exercise of warrants.
(b)	Percent of class: As of August 8,2025, each of the Reporting Persons may be deemed to be the beneficial owner of 5.299% of the total number of Shares outstanding, based on 3,433,491 shares outstanding per the 10Q filed on August 8,2025.
(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: 189,705
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 189,705
Item 5.	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. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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.

NANTAHALA CAPITAL PARTNERS LIMITED PARTNERSHIP

Signature:	/s/ Taki Vasilakis
Name/Title:	Taki Vasilakis / Chief Compliance Officer Nantahala Capital Management, LLC
Date:	08/14/2025

Signature:	/s/ Wilmot B. Harkey
Name/Title:	Wilmot B. Harkey / Manager Nantahala Capital Management, LLC
Date:	08/14/2025

Signature:	/s/ Daniel Mack
Name/Title:	Daniel Mack / Manager Nantahala Capital Management, LLC
Date:	08/14/2025

FAQ

How many Kiora (KPRX) shares does Nantahala beneficially own?

Nantahala beneficially owns 189,705 shares of Kiora common stock as of August 8, 2025.

What percentage of Kiora does Nantahala own according to the filing?

The filing reports Nantahala owns 5.299% of Kiora's outstanding shares based on 3,433,491 shares outstanding.

Does the reported position include any exercisable securities?

Yes, the 189,705 shares include 146,533 shares that may be acquired within 60 days through exercise of warrants.

Does Nantahala claim intent to influence control of Kiora?

No. The filing certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

What voting and dispositive powers does Nantahala have over these shares?

Nantahala reports 0 sole voting power and 189,705 shared voting power; likewise 0 sole dispositive power and 189,705 shared dispositive power.