Encinitas, California — March 25, 2026 — Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) ("Kiora" or the "Company") today announced financial results for the fourth quarter and full year ended December 31, 2025, and provided a year-end business update on its pipeline of small molecules for the treatment of retinal diseases. Key fourth-quarter, full-year 2025, and recent corporate highlights include: "Our success in 2025 was defined by transitioning from trial preparation to trial execution for our two lead progr ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-36672 KIORA PHARMACEUTICALS, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 98-0443284 (State or ...

Encinitas, California--(Newsfile Corp. - March 25, 2026) - Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) ("Kiora" or the "Company") today announced financial results for the fourth quarter and full year ended December 31, 2025, and provided a year-end business update on its pipeline of small molecules for the treatment of retinal diseases.Key fourth-quarter, full-year 2025, and recent corporate highlights include:Advanced KIO-301 from regulatory clearance to patient dosing in ABACUS-2, a Phase 2 randomized, c ...

Group 1 - Kiora Pharmaceuticals will present at the Oppenheimer 36th Annual Healthcare Life Sciences Conference on February 26, 2026, at 3:20 p.m. ET, with a live webcast available on their investor relations website [1] - Kiora Pharmaceuticals is a clinical-stage biotechnology company focused on developing advanced therapies for retinal diseases, utilizing innovative small molecules to address vision loss [2] - The company is developing KIO-104 for retinal inflammation and KIO-301 for retinitis pigmentosa, choroideremia, and Stargardt disease, with the latter being a molecular photoswitch aimed at restoring vision [2] Group 2 - Kiora Pharmaceuticals encourages investors to follow their updates on social media platforms like X and LinkedIn, as well as to visit their website for relevant information [3]

Core Insights - Kiora Pharmaceuticals has been granted a new U.S. patent (US-12,472,263) for additional formulations of the KIO-100 family of anti-inflammatory compounds, enhancing the therapeutic potential of KIO-104 [1][2] Company Overview - Kiora Pharmaceuticals is a clinical-stage biotechnology company focused on developing advanced therapies for retinal diseases, utilizing innovative small molecules to address vision loss [4] - The company is developing KIO-301 for retinitis pigmentosa, choroideremia, and Stargardt disease, and KIO-104 for retinal inflammation [4] Product Development - KIO-104 is a non-steroidal anti-inflammatory small molecule that inhibits dihydroorotate dehydrogenase (DHODH) and is currently undergoing a Phase 2 clinical trial (KLARITY) for treating retinal inflammation [2][3] - The KLARITY study aims to enroll up to 28 patients with macular edema, a condition linked to inflammation and adverse vision changes [3] Clinical Trials - KIO-104 has shown clinical proof-of-concept in a Phase 1 trial for non-infectious uveitis and is now being evaluated at higher doses for various retinal inflammatory conditions [3]

Financial Performance - Kiora Pharmaceuticals reported a net income of $27,000 for Q3 2025, a significant improvement compared to a net loss of $3.4 million in Q3 2024[7] - The net loss for the three months ended September 30, 2025, was $26,806, a significant improvement compared to a net loss of $3,413,326 in the same period of 2024[16] - The company reported a net loss per common share (basic) of $0.01 for the three months ended September 30, 2025, compared to a loss of $0.81 in 2024[16] - Comprehensive loss income for the three months ended September 30, 2025, was $28,867, compared to a comprehensive loss of $3,242,797 in 2024[16] - The company recognized an income tax benefit of $643,129 for the three months ended September 30, 2025, compared to no tax benefit in the same period of 2024[16] Revenue and Expenses - Total revenue for the nine months ended September 30, 2025, was $16,020,000, compared to $16,000,000 for the same period in 2024[16] - Total operating expenses for the nine months ended September 30, 2025, were $5,520,987, down from $8,945,030 in 2024, indicating a reduction of approximately 38%[16] - Research and development expenses increased to $7,852,267 for the nine months ended September 30, 2025, up from $5,917,868 in 2024, representing a 33% increase[16] - R&D expenses for Q3 2025 were $2.7 million, up from $2.1 million in Q3 2024, primarily due to increased clinical trial activities[6] Cash and Assets - The company ended Q3 2025 with $19.4 million in cash, cash equivalents, and short-term investments, supporting operations into late 2027[4] - Kiora's total current assets decreased to $22.7 million as of September 30, 2025, from $29.7 million at the end of 2024[14] - Total liabilities decreased to $7.5 million as of September 30, 2025, compared to $10.7 million at the end of 2024[14] Collaborations and Trials - Kiora received $1.2 million in reimbursed R&D expenses from Théa for Q2 2025 activities and billed $1.5 million in Q3 2025, with $0.3 million received during the quarter[4] - The ABACUS-2 trial is focused on vision restoration in patients with retinitis pigmentosa, while KLARITY targets patients with inflammatory retinal diseases[2] - Kiora's collaboration with Théa and Senju is crucial for potential registration studies and global commercialization of KIO-301 and KIO-104[2] - The company has expanded patient screening and enrollment for the ABACUS-2 trial, including participants from a functional endpoint validation study[2] General and Administrative Expenses - Kiora maintains a stable G&A spend while increasing R&D investment, partially offset by reimbursements from strategic partners[5] Share Information - The weighted average shares outstanding (basic) increased to 4,289,853 for the three months ended September 30, 2025, compared to 4,214,950 in 2024[16] Interest Income - Interest income for the nine months ended September 30, 2025, was $703,692, a decrease from $813,989 in 2024[16] Fair Value Changes - The company reported a change in fair value of contingent consideration of $(1,721,033) for the three months ended September 30, 2025, compared to $(1,103,991) in 2024[16]

Financial Performance - Total revenue for the nine months ended September 30, 2025, was $16,020,000, a significant decrease compared to $16,000,000 for the same period in 2024[16] - The net loss for the three months ended September 30, 2025, was $26,806, compared to a net loss of $3,413,326 for the same period in 2024, reflecting a substantial improvement[16] - For the nine months ended September 30, 2025, Kiora Pharmaceuticals reported a net loss of $4.32 million compared to a net income of $7.82 million for the same period in 2024[22] - The net loss for the three months ended September 30, 2025, was $26,806, compared to a net loss of $3,413,326 for the same period in 2024[109] Cash and Assets - Cash and cash equivalents increased from $3,792,322 as of December 31, 2024, to $5,508,899 as of September 30, 2025, an increase of approximately 45.3%[14] - The company had unrestricted cash and cash equivalents of $5.51 million and short-term investments of $13.9 million as of September 30, 2025, with an accumulated deficit of $147.7 million[28] - The company’s total cash, cash equivalents, and restricted cash increased to $5.51 million as of September 30, 2025, compared to $3.80 million as of December 31, 2024[48] - Total current assets decreased from $29,706,012 as of December 31, 2024, to $22,693,856 as of September 30, 2025, representing a decline of approximately 23.6%[14] Liabilities and Equity - The total liabilities decreased from $10,724,708 as of December 31, 2024, to $7,452,712 as of September 30, 2025, a reduction of approximately 30.5%[14] - As of September 30, 2025, total stockholders' equity increased to $22,410,742 from $22,127,478 at June 30, 2025, reflecting a growth of approximately 1.3%[18] - The accumulated deficit increased from $(143,382,122) as of December 31, 2024, to $(147,700,755) as of September 30, 2025, indicating a worsening of approximately 3.5%[14] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $7,852,267, compared to $5,917,868 for the same period in 2024, representing an increase of approximately 33%[16] - The Company incurred $1,467,935 in R&D expenses for the quarter ended September 30, 2025, with $1,422,731 reimbursed[114] - The Company recognized an impairment loss of $2.0 million for in-process R&D assets as of August 31, 2024, due to a strategic decision to cease future development[43] Stock and Compensation - Stock-based compensation for the nine months ended September 30, 2025, amounted to $665,788, compared to $496,413 for the same period in 2024, representing a 34% increase[19] - Total stock-based compensation expense for the three months ended September 30, 2025, was $254,398, compared to $171,176 for the same period in 2024, representing a 48.6% increase[77] - The weighted-average grant date fair value of options granted for the nine months ended September 30, 2025, was $2.68, with an expected stock price volatility of 136.6%[78] Investments and Fair Value - The unrealized gain on investments as of September 30, 2025, was $11,214, compared to an unrealized loss of $(16,001) for the same period in 2024, indicating a positive shift in investment performance[19] - As of September 30, 2025, total assets measured at fair value amounted to $17,499,722, with cash equivalents of $3,633,176 and short-term investments of $13,866,546[58] Collaboration and Agreements - The Company entered into an exclusive option agreement with Senju Pharmaceutical Co., Ltd, which includes a non-refundable upfront payment of $1.25 million[82][83] - The License Agreement with Théa Open Innovation included a non-refundable payment of $16.0 million, recognized in the first quarter of 2024[85][86] Future Outlook - The company anticipates having sufficient cash to fund its planned operations into late 2027 without an immediate need to raise additional capital[28] - Kiora has incurred annual losses and negative cash flows since inception, with future losses anticipated[28]

Core Insights - Kiora Pharmaceuticals reported its third quarter 2025 financial results and provided updates on its clinical pipeline for retinal diseases, highlighting the advancement of two actively enrolling Phase 2 clinical trials [1][2]. Clinical Trials Update - The company is actively recruiting participants for two Phase 2 clinical trials: ABACUS-2 for KIO-301 aimed at vision restoration in retinitis pigmentosa, and KLARITY for KIO-104 targeting retinal inflammation [2][5]. - The ABACUS-2 trial has expanded its screening and enrollment to include patients from a functional endpoint validation study, potentially increasing the patient population for KIO-301 [2][3]. - KLARITY is designed as a two-stage, multi-dose study focusing on patients with inflammatory retinal diseases causing macular edema, with a pre-defined safety assessment [3]. Financial Highlights - Kiora received $1.2 million in reimbursed R&D expenses from Théa for KIO-301 activities in Q2 2025 and billed $1.5 million in Q3 2025, with $0.3 million received in the same quarter [5][6]. - The company ended Q3 2025 with $19.4 million in cash, cash equivalents, and short-term investments, alongside $1.2 million in collaboration receivables and $1.5 million in tax and research credit receivables [5][6]. - Kiora's cash runway is projected to extend into late 2027, beyond anticipated data readouts for both clinical trials, with potential for further extension through partnership milestones [6]. R&D and Operating Expenses - R&D expenses for Q3 2025 were $2.7 million, an increase from $2.1 million in Q3 2024, primarily due to clinical trial activities [7]. - General and administrative expenses remained stable at $1.4 million for both Q3 2025 and Q3 2024 [7]. Income Statement Overview - Kiora reported a net income of $27 thousand for Q3 2025, a significant improvement from a net loss of $3.4 million in Q3 2024, attributed to favorable tax impacts and control of operating costs [8][14]. - The company recorded total revenue of $16 million for the nine months ended September 30, 2024, primarily from collaboration revenue [14]. Company Profile - Kiora Pharmaceuticals is a clinical-stage biotechnology company focused on developing therapies for retinal diseases using innovative small molecules [9]. - KIO-301 is being developed for retinitis pigmentosa, with plans to expand into other retinal diseases, while KIO-104 targets retinal inflammation [9].

Core Insights - Kiora Pharmaceuticals (KPRX) is a clinical-stage biopharmaceutical company focused on developing advanced treatments for retinal diseases [2] Drug Candidates - Kiora has two drug candidates: KIO-301 for inherited retinal diseases and KIO-104 for retinal inflammation [2][7] - KIO-301 targets surviving retinal ganglion cells to restore visual function in patients with retinitis pigmentosa [3] - KIO-104 suppresses T-cells and cytokines to reduce inflammation in the eye [7] Clinical Trials - KIO-301 is undergoing a Phase 2 clinical trial (ABACUS-2) to assess safety, tolerability, and efficacy in patients with late-stage retinitis pigmentosa, enrolling 36 patients [3][4] - KIO-104 is in a Phase 2 clinical trial (KLARITY) for retinal macular edema, with plans to enroll up to 28 patients [8][9] - Results from both clinical trials are expected in early 2027 [10] Financial Position - Kiora ended Q2 2025 with $20.7 million in cash and equivalents, plus $3.1 million in receivables and tax credits, providing a cash runway through late 2027 [11] Company Background - Kiora Pharmaceuticals was formerly known as EyeGate Pharmaceuticals Inc. and rebranded on November 8, 2021 [12] - The company's stock has traded between $2.21 and $4.18 over the past year, closing at $2.47, up 6.93% [12]

Core Insights - Kiora Pharmaceuticals has joined the Global Genes' RARE-X Vision Consortium to enhance collaboration in developing therapies for rare ocular disorders [1][3][9] Group 1: Consortium Objectives - The RARE-X Vision Consortium aims to facilitate collaboration among advocacy, research, and industry stakeholders to advance research for vision-improving therapies [1][2] - The consortium will create a global, centralized data repository to aid in patient identification and recruitment for clinical trials [4] - It seeks to develop meaningful outcome measures for clinical trials by aggregating various data types to identify endpoints that correlate with significant vision changes [4] Group 2: Kiora Pharmaceuticals' Role - Kiora is focused on developing innovative treatments for inherited retinal diseases, including KIO-301 and KIO-104, which target critical pathways to slow or restore vision loss [7] - The company emphasizes the importance of collaboration to accelerate the development of new therapies for rare ocular diseases [3][7] Group 3: Stakeholder Engagement - The Vision Consortium includes various patient advocacy groups, enhancing the representation of diverse perspectives in clinical trial design [4][5] - Kiora's involvement is expected to strengthen the consortium's efforts in addressing the challenges of drug development in the rare disease space [3][9]