Kiora Pharmaceuticals Reports Second Quarter 2025 Results; Company Advances Pipeline with Two Active Phase 2 Clinical Trials for Retinal Diseases
Kiora Pharmaceuticals (NASDAQ: KPRX) reported Q2 2025 financial results and pipeline updates for retinal disease treatments. The company initiated two Phase 2 clinical trials: KLARITY for KIO-104 (retinal inflammation) and ABACUS-2 for KIO-301 (retinitis pigmentosa). Kiora secured a potential $110M partnership with Senju Pharmaceutical for KIO-301 development in Asia.
Financial highlights include a $20.7M cash position, with additional $2.4M in collaboration receivables and $0.7M in tax credits. The company reported a net loss of $2.2M in Q2 2025, unchanged from Q2 2024. R&D expenses increased to $2.6M (before $1.7M in reimbursements), while G&A expenses decreased to $1.4M. Cash runway extends into late 2027, beyond anticipated clinical trial readouts.
Kiora Pharmaceuticals (NASDAQ: KPRX) ha comunicato i risultati finanziari del secondo trimestre 2025 e gli aggiornamenti sul portafoglio di trattamenti per le malattie retiniche. L'azienda ha avviato due studi clinici di Fase 2: KLARITY per KIO-104 (infiammazione retinica) e ABACUS-2 per KIO-301 (retinite pigmentosa). Kiora ha siglato una potenziale partnership da 110 milioni di dollari con Senju Pharmaceutical per lo sviluppo di KIO-301 in Asia.
I punti salienti finanziari includono una posizione di cassa di 20,7 milioni di dollari, con ulteriori 2,4 milioni di dollari in crediti da collaborazioni e 0,7 milioni di dollari in crediti d'imposta. L'azienda ha riportato una perdita netta di 2,2 milioni di dollari nel secondo trimestre 2025, invariata rispetto al secondo trimestre 2024. Le spese per R&S sono aumentate a 2,6 milioni di dollari (prima di 1,7 milioni di dollari di rimborsi), mentre le spese amministrative e generali sono diminuite a 1,4 milioni di dollari. La liquidit脿 disponibile copre le attivit脿 fino alla fine del 2027, oltre le previsioni di risultati degli studi clinici.
Kiora Pharmaceuticals (NASDAQ: KPRX) inform贸 los resultados financieros del segundo trimestre de 2025 y actualizaciones sobre su cartera de tratamientos para enfermedades retinianas. La compa帽铆a inici贸 dos ensayos cl铆nicos de Fase 2: KLARITY para KIO-104 (inflamaci贸n retiniana) y ABACUS-2 para KIO-301 (retinosis pigmentaria). Kiora asegur贸 una posible asociaci贸n de 110 millones de d贸lares con Senju Pharmaceutical para el desarrollo de KIO-301 en Asia.
Los aspectos financieros destacados incluyen una posici贸n de efectivo de 20,7 millones de d贸lares, con 2,4 millones de d贸lares adicionales en cuentas por cobrar por colaboraciones y 0,7 millones de d贸lares en cr茅ditos fiscales. La compa帽铆a report贸 una p茅rdida neta de 2,2 millones de d贸lares en el segundo trimestre de 2025, sin cambios respecto al mismo per铆odo de 2024. Los gastos en I+D aumentaron a 2,6 millones de d贸lares (antes de reembolsos por 1,7 millones), mientras que los gastos administrativos y generales disminuyeron a 1,4 millones de d贸lares. La liquidez disponible se extiende hasta finales de 2027, m谩s all谩 de los resultados esperados de los ensayos cl铆nicos.
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Kiora Pharmaceuticals (NASDAQ : KPRX) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025 ainsi que des mises 脿 jour sur son pipeline de traitements des maladies r茅tiniennes. La soci茅t茅 a lanc茅 deux essais cliniques de phase 2 : KLARITY pour KIO-104 (inflammation r茅tinienne) et ABACUS-2 pour KIO-301 (r茅tinite pigmentaire). Kiora a conclu un partenariat potentiel de 110 millions de dollars avec Senju Pharmaceutical pour le d茅veloppement de KIO-301 en Asie.
Les points financiers cl茅s comprennent une tr茅sorerie de 20,7 millions de dollars, ainsi que 2,4 millions de dollars de cr茅ances de collaboration et 0,7 million de dollars de cr茅dits d'imp么t. La soci茅t茅 a enregistr茅 une perte nette de 2,2 millions de dollars au deuxi猫me trimestre 2025, stable par rapport au deuxi猫me trimestre 2024. Les d茅penses de R&D ont augment茅 脿 2,6 millions de dollars (avant 1,7 million de remboursements), tandis que les frais g茅n茅raux et administratifs ont diminu茅 脿 1,4 million de dollars. La tr茅sorerie disponible couvre les activit茅s jusqu'脿 la fin 2027, au-del脿 des r茅sultats attendus des essais cliniques.
Kiora Pharmaceuticals (NASDAQ: KPRX) hat die Finanzergebnisse f眉r das zweite Quartal 2025 sowie Updates zum Entwicklungsstand ihrer Behandlungen f眉r Netzhauterkrankungen ver枚ffentlicht. Das Unternehmen startete zwei Phase-2-Studien: KLARITY f眉r KIO-104 (Netzhautentz眉ndung) und ABACUS-2 f眉r KIO-301 (Retinitis pigmentosa). Kiora sicherte sich eine potenzielle Partnerschaft im Wert von 110 Mio. USD mit Senju Pharmaceutical f眉r die Entwicklung von KIO-301 in Asien.
Zu den finanziellen Highlights z盲hlen eine Barkasse von 20,7 Mio. USD, zus盲tzlich 2,4 Mio. USD an Forderungen aus Kooperationen und 0,7 Mio. USD an Steuergutschriften. Das Unternehmen meldete einen Nettoverlust von 2,2 Mio. USD im zweiten Quartal 2025, unver盲ndert zum zweiten Quartal 2024. Die F&E-Ausgaben stiegen auf 2,6 Mio. USD (vor 1,7 Mio. USD Erstattungen), w盲hrend die Verwaltungs- und Gemeinkosten auf 1,4 Mio. USD sanken. Die finanzielle Reichweite reicht bis Ende 2027, 眉ber die erwarteten Ergebnisse der klinischen Studien hinaus.
- Secured potential $110M partnership deal with Senju for KIO-301 in Asian markets
- Extended patent protection for KIO-104 until 2043
- Maintained strong cash position of $20.7M with runway into late 2027
- Received $1.3M in R&D expense reimbursement from Th茅a
- Successfully launched two Phase 2 clinical trials with validated endpoints
- Net loss of $2.2M in Q2 2025
- Increased R&D expenses from $2.0M to $2.6M year-over-year
Insights
Kiora advances two Phase 2 trials while securing Asian partnership worth up to $110M, extending cash runway through 2027 despite ongoing R&D investments.
Kiora's Q2 2025 report shows strategic advancement on multiple fronts. The company has initiated two key Phase 2 clinical trials - KLARITY for KIO-104 (targeting retinal inflammation) and ABACUS-2 for KIO-301 (targeting vision restoration in retinitis pigmentosa). The latter is particularly noteworthy as it employs a validated efficacy endpoint that could streamline the path to registration trials.
The company has substantially strengthened its intellectual property position by extending KIO-104's market exclusivity to 2043, creating a potentially valuable long-term asset if clinical trials prove successful. This patent specifically covers methods for optimizing treatment of ocular inflammatory diseases.
Financially, Kiora has executed a strategic partnership move by signing an option agreement with Senju Pharmaceutical for Asian markets with potential value up to $110 million plus royalties. The company already received a non-refundable
The balance sheet remains healthy with
The existing partnership with Th茅a continues to provide meaningful financial support through R&D reimbursements, enhancing capital efficiency while advancing the clinical programs. The strategic partnership approach allows Kiora to extend global reach without significant infrastructure investment while securing non-dilutive funding.
Encinitas, California--(Newsfile Corp. - August 8, 2025) - (NASDAQ: KPRX) ("Kiora" or the "Company") today announced second quarter 2025 financial results and provided an update on its pipeline of therapeutics for the treatment of retinal diseases.
Key second quarter and 2025 year-to-date corporate highlights include:
KIO-104
- Initiated KLARITY, a Phase 2 clinical trial evaluating KIO-104 for the treatment of patients with retinal inflammation.
- Strengthened and extended market exclusivity of KIO-104 into 2043 (absent any patent term extensions) with receipt of a patent covering methods for optimizing treatment of ocular inflammatory diseases.
KIO-301
- Entered into an option agreement, which would allow for a strategic partnership with Senju Pharmaceutical Co., Ltd. ("Senju") to develop and commercialize KIO-301 in key countries in Asia, including Japan and China, which, if exercised, would have a potential deal value of up to
$110 million plus royalties. - Initiated the Phase 2 ABACUS-2 clinical trial of KIO-301 for vision restoration in patients with retinitis pigmentosa.
- ABACUS-2 uses a validated efficacy endpoint to assess functional vision outcomes in patients with moderate to advanced vision loss due to retinal degeneration. These functional vision assessments will likely serve as the approvable endpoint for a future registration trial(s) of KIO-301.
Operations and Financials
- Received
$1.3 million in reimbursed Q1 2025 R&D expenses from Théa Open Innovation ("Théa") for activities related to KIO-301. - Recorded deferred revenue of
$1.25 million related to a non-refundable option fee from Senju, comprising part of the KIO-301 partnership. - Ended the quarter with
$20.7 million in cash, cash equivalents and short-term investments, along with$2.4 million in collaboration receivables and$0.7 million in research incentive tax credits. - Maintained projected cash runway into late 2027, a timeframe beyond anticipated data readouts for KLARITY and ABACUS-2, with potential for further extension through achievement of partnership milestones.
"In the second quarter, we materially advanced our Phase 2 clinical programs through site activations and initiating patient recruiting efforts," said Brian M. Strem, Ph.D., President & Chief Executive Officer of Kiora. "For KIO-301, having a validated functional vision assessment to serve as a critical endpoint for both ABACUS-2 and a potential registration study(s) represents both progress and promise for those affected by inherited retinal diseases. We continue to bring online ABACUS-2 sites and anticipate many eligible patients will come from the functional vision assessment validation study, facilitating enrollment targets and timelines. Strategically, we expanded our global commercialization network by entering a partnership with Senju, adding to our ability to ensure KIO-301 can potentially benefit the global population in need. Similarly, the KLARITY clinical trial is actively recruiting patients to assess KIO-104 across several inflammatory retinal diseases, including posterior non-infectious uveitis and diabetic macular edema. Due to our efficient capital management, our anticipated runway remains into late 2027 based on existing cash reserves, beyond the anticipated readouts for ABACUS-2 and KLARITY."
Second Quarter Financial Highlights
Kiora ended the second quarter of 2025 with
The Company reported a net loss of
R&D expenses for the second quarter of 2025 were
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 for the treatment of retinitis pigmentosa, 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 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 ability to timely complete planned initiatives for 2025, including Phase 2 clinical development of KIO-301 and KIO-104, the completion of enrollment and the timing of topline results from the ABACUS-2 Phase 2 trial, the potential for KIO-301 to be the first treatment options for patients with inherited degenerative diseases like RP, the potential for KIO-104 to reduce inflammation, the timing of topline results from the Phase 2 KLARITY trial of KIO-104, the potential for KIO-104 to apply to other retinal inflammatory diseases, expected trends for research and development and general and administrative spending in 2025, the expectations for market exclusivity of KIO-104, the potential proceeds that could be received from the Senju strategic partnership, and the expected endpoints for future KIO-301 trials. 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, 2025 or described in Kiora's other public filings, including on Form 10-Q filed with the SEC on August 8, 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
[email protected]
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, 2025 (unaudited) | December 31, 2024 | |||||
| ASSETS | ||||||
| Current Assets: | ||||||
| Cash and Cash Equivalents | $ | 1,028,324 | $ | 3,792,322 | ||
| Short-Term Investments | 19,637,812 | 22,999,760 | ||||
| Prepaid Expenses and Other Current Assets | 957,095 | 2,042,487 | ||||
| Collaboration Receivables | 2,418,022 | 601,197 | ||||
| Tax Receivables | 696,002 | 270,246 | ||||
| Total Current Assets | 24,737,255 | 29,706,012 | ||||
| Non-Current Assets: | ||||||
| Property and Equipment, Net | 106,843 | 5,232 | ||||
| Restricted Cash | 4,461 | 4,057 | ||||
| Intangible Assets and In-Process R&D, Net | 6,687,100 | 6,687,100 | ||||
| Operating Lease Right-of-Use Assets | 349,017 | 57,170 | ||||
| Other Assets | 61,007 | 24,913 | ||||
| Total Assets | $ | 31,945,683 | $ | 36,484,484 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current Liabilities: | ||||||
| Accounts Payable | $ | 282,537 | $ | 415,590 | ||
| Accrued Expenses | 2,540,493 | 4,588,657 | ||||
| Accrued Collaboration Credit | 219,625 | 981,111 | ||||
| Operating Lease Liabilities | 143,327 | 23,355 | ||||
| Total Current Liabilities | 3,185,982 | 6,008,713 | ||||
| Non-Current Liabilities: | ||||||
| Contingent Consideration | 4,604,456 | 4,191,490 | ||||
| Deferred Tax Liability | 490,690 | 490,690 | ||||
| Deferred Collaboration Revenue | 1,250,000 | - | ||||
| Non-Current Operating Lease Liabilities | 287,079 | 33,815 | ||||
| Total Non-Current Liabilities | 6,632,225 | 4,715,995 | ||||
| Total Liabilities | 9,818,207 | 10,724,708 | ||||
| Commitments and Contingencies (Note 8) | ||||||
| Stockholders' Equity: | ||||||
| Preferred Stock, | 4 | 4 | ||||
| Common Stock, | 272,006 | 267,679 | ||||
| Additional Paid-In Capital | 169,828,797 | 169,156,374 | ||||
| Accumulated Deficit | (147,727,561 | ) | (143,382,122 | ) | ||
| Accumulated Other Comprehensive Loss | (245,770 | ) | (282,159 | ) | ||
| Total Stockholders' Equity | 22,127,476 | 25,759,776 | ||||
| Total Liabilities and Stockholders' Equity | $ | 31,945,683 | $ | 36,484,484 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE (LOSS) INCOME
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenue: | ||||||||||||
| Collaboration Revenue | $ | - | $ | - | $ | - | $ | 16,000,000 | ||||
| Grant Revenue | - | 20,000 | - | 20,000 | ||||||||
| Total Revenue | - | 20,000 | - | 16,020,000 | ||||||||
| Operating Expenses: | ||||||||||||
| General and Administrative | 1,353,850 | 1,537,973 | 2,843,248 | 2,834,414 | ||||||||
| Research and Development | 2,590,489 | 2,048,665 | 5,122,376 | 3,732,877 | ||||||||
| Collaboration and Research Credits | (1,685,917 | ) | (1,141,985 | ) | (3,652,040 | ) | (1,332,538 | ) | ||||
| Change in Fair Value of Contingent Consideration | 137,774 | 120,234 | 412,966 | 108,040 | ||||||||
| Total Operating Expenses | 2,396,197 | 2,564,887 | 4,726,550 | 5,342,793 | ||||||||
| Operating (Loss) Income | (2,396,197 | ) | (2,544,887 | ) | (4,726,550 | ) | 10,677,207 | |||||
| Other Income (Expense), Net: | ||||||||||||
| Interest Income, Net | 225,237 | 342,102 | 501,870 | 565,149 | ||||||||
| Other (Expense) Income, Net | (93,556 | ) | (18,861 | ) | (109,809 | ) | (10,795 | ) | ||||
| Total Other Income, Net | 131,680 | 323,241 | 392,060 | 554,354 | ||||||||
| (Loss) Income Before Income Tax Expense | (2,264,516 | ) | (2,221,646 | ) | (4,334,490 | ) | 11,231,561 | |||||
| Income Tax (Expense) Benefit | 112,057 | - | (10,949 | ) | - | |||||||
| Net (Loss) Income | $ | (2,152,459 | ) | $ | (2,221,646 | ) | $ | (4,345,439 | ) | $ | 11,231,561 | |
| Net (Loss) Income Attributable to Common Shareholders | $ | (2,152,459 | ) | $ | (2,221,646 | ) | $ | (4,345,439 | ) | $ | 11,231,561 | |
| Net (Loss) Income per Common Share - Basic | $ | (0.54 | ) | $ | (0.53 | ) | $ | (1.10 | ) | $ | 3.19 | |
| Weighted Average Shares Outstanding - Basic | 3,989,042 | 4,170,627 | 3,936,649 | 3,526,211 | ||||||||
| Net (Loss) Income per Common Share - Diluted | $ | (0.54 | ) | $ | (0.53 | ) | $ | (1.10 | ) | $ | 2.79 | |
| Weighted Average Shares Outstanding - Diluted | 3,989,042 | 4,170,627 | 3,936,649 | 4,031,174 | ||||||||
| Other Comprehensive (Loss) Income: | ||||||||||||
| Net (Loss) Income | $ | (2,152,459 | ) | $ | (2,221,646 | ) | $ | (4,345,439 | ) | $ | 11,231,561 | |
| Unrealized Loss on Marketable Securities | (11,116 | ) | (2,828 | ) | (27,215 | ) | (2,828 | ) | ||||
| Foreign Currency Translation Adjustments | 62,532 | 21,467 | 63,604 | (60,106 | ) | |||||||
| Comprehensive (Loss) Income | $ | (2,101,044 | ) | $ | (2,203,007 | ) | $ | (4,309,050 | ) | $ | 11,168,627 | |
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FAQ
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When does Kiora's patent protection for KIO-104 expire?
