Perceptive Fund (RLAY) reports 9.99% ownership — 438,471 shares

Rhea-AI Filing Summary

Kiora Pharmaceuticals reported that Perceptive Life Sciences Master Fund, Ltd. directly holds 438,471 shares of Common Stock, representing 9.99% of the class. Perceptive Advisors LLC and Joseph Edelman are each reported as beneficial owners of the same 438,471 shares (9.99%) through shared voting and dispositive power. The filing ties the outstanding share base to 4,389,099 shares, comprised of 3,950,628 shares outstanding as of March 21, 2026 and 438,471 shares issued in a private placement on April 6, 2026.

Key Figures

Shares held by Master Fund: 438,471 shares Percent of class: 9.99% Shares outstanding (aggregate): 4,389,099 shares +2 more

5 metrics

Shares held by Master Fund 438,471 shares Direct holdings by Perceptive Life Sciences Master Fund, Ltd.

Percent of class 9.99% Reported percent ownership for Master Fund, Perceptive Advisors, and Joseph Edelman

Shares outstanding (aggregate) 4,389,099 shares Aggregate outstanding used for percent calculation

Shares outstanding as of March 21, 2026 3,950,628 shares Issuer-reported figure from Form 10-K filed March 25, 2026

Private placement shares 438,471 shares Issued in private placement on April 6, 2026 per Form 8-K

Key Terms

Schedule 13G, shared dispositive power, beneficially owned, private placement

4 terms

Schedule 13G regulatory

"the names of the persons filing this report (collectively, the "Reporting Persons")"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

shared dispositive power financial

"Shared Dispositive Power 438,471.00"

beneficially owned regulatory

"Amount beneficially owned: The information required by this item"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

private placement financial

"438,471 shares of Common Stock issued in the Issuer's private placement on April 6, 2026"

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

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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)

04/06/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 49721T507

1

Names of Reporting Persons

Perceptive Advisors 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 438,471.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 438,471.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

438,471.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 49721T507

1

Names of Reporting Persons

Joseph Edelman

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 438,471.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 438,471.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

438,471.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP Number(s): 49721T507

1

Names of Reporting Persons

Perceptive Life Sciences Master Fund, Ltd.

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 438,471.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 438,471.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

438,471.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

CO

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: The names of the persons filing this report (collectively, the "Reporting Persons") with respect to the Common Stock, par value $0.01 per share (the "Common Stock") of KIORA PHARMACEUTICALS, INC. (the "Issuer") are: (i) Perceptive Advisors LLC ("Perceptive Advisors") (ii) Joseph Edelman ("Mr. Edelman") (iii) Perceptive Life Sciences Master Fund, Ltd. (the "Master Fund")
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is: 51 Astor Place, 10th Floor, New York, NY 10003
(c)	Citizenship: Perceptive Advisors is a Delaware limited liability company. Mr. Edelman is a United States citizen. The Master Fund is a Cayman Islands corporation.
(d)	Title of class of securities: Common Stock, $0.01 par value
(e)	CUSIP Number(s): 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: The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 and 11 of the cover pages to this Schedule 13G. The ownership percentages reported herein are based on an aggregate of 4,389,099 shares of Common Stock outstanding, comprised of (i) 3,950,628 shares of Common Stock outstanding as of March 21, 2026, as reported by the Issuer in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 25, 2026, and (ii) 438,471 shares of Common Stock issued in the Issuer's private placement on April 6, 2026, as reported in the Issuer's Current Report on Form 8-K filed on April 7, 2026. The Master Fund directly holds 438,471 shares of Common Stock. Perceptive Advisors serves as the investment manager to the Master Fund and may be deemed to beneficially own the shares held by the Master Fund. Mr. Edelman is the managing member of Perceptive Advisors and may be deemed to beneficially own the shares held by the Master Fund.
(b)	Percent of class: Perceptive Advisors: 9.99% Mr. Edelman: 9.99% Master Fund: 9.99%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Perceptive Advisors: 0 Mr. Edelman: 0 Master Fund: 0
	(ii) Shared power to vote or to direct the vote: Perceptive Advisors: 438,471 Mr. Edelman: 438,471 Master Fund: 438,471
	(iii) Sole power to dispose or to direct the disposition of: Perceptive Advisors: 0 Mr. Edelman: 0 Master Fund: 0
	(iv) Shared power to dispose or to direct the disposition of: Perceptive Advisors: 438,471 Mr. Edelman: 438,471 Master Fund: 438,471
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 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.

Perceptive Advisors LLC

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	04/13/2026

Joseph Edelman

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman
Date:	04/13/2026

Perceptive Life Sciences Master Fund, Ltd.

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	04/13/2026

Exhibit Information

Exhibit 99.1 - Joint Filing Agreement

FAQ

What stake does Perceptive Advisors hold in Kiora Pharmaceuticals (RLAY)?

Perceptive Advisors is reported to beneficially own 438,471 shares, equal to 9.99% of the outstanding Common Stock. The shares are held with shared voting and dispositive power, as disclosed in the Schedule 13G filing.

How many Kiora shares are outstanding as used in the ownership calculation?

The Schedule 13G uses an aggregate of 4,389,099 shares outstanding. That total combines 3,950,628 shares as of March 21, 2026 and 438,471 shares issued in a private placement on April 6, 2026.

Who is the reporting person behind the beneficial ownership disclosure?

Perceptive Life Sciences Master Fund, Ltd. directly holds the shares. Perceptive Advisors LLC is the investment manager and Joseph Edelman is the managing member; both are therefore reported as beneficial owners.

Are the reported shares held with sole or shared voting power?

The filing shows 0 shares of sole voting power and 438,471 shares of shared voting power for each Reporting Person, indicating joint/shared authority over voting and disposition.

When was the private placement that increased outstanding shares?

The filing cites a private placement dated April 6, 2026 that issued 438,471 shares, which are included in the ownership calculation and held by the Master Fund.