Growth and Financial Performance - Recent growth rates may not be sustainable, and the company may face challenges in managing future growth[49]. - The company has experienced significant growth, but net sales growth could remain flat or decline if customer acquisition and retention are not effectively managed[50]. - The ability to accurately forecast net sales and manage expenses is critical for future growth[49]. - Effective management of growth is crucial; failure to implement operational plans and manage personnel could materially impact the company's financial condition and results of operations[60]. - The company may struggle to accurately estimate the size of its addressable markets, which could limit future growth potential and adversely affect financial condition[67]. - The company plans to invest in expanding its offerings, but may face challenges in maintaining sales and responding to regulatory changes, which could affect growth rates and financial condition[63]. - The company may seek growth through acquisitions or investments, but failure to manage these could have a material adverse effect[132]. Operational Risks - Business disruptions from natural disasters or public health crises could adversely affect operations, financial performance, and cash flow[51][53]. - The company relies on an efficient supply chain, and any interruptions in fulfillment operations could negatively impact sales and results[54]. - Disruptions in shipping arrangements could negatively impact customer satisfaction and financial results, as reliance on third-party logistics providers poses risks[75]. - The company has designed its fulfillment center infrastructure to meet specific needs, but challenges in managing expansion and capacity could harm operational efficiency and financial condition[76]. - The company faces challenges in managing relationships with a growing number of suppliers and customers, which could affect its operational efficiency and financial results[61]. - The company faces risks from third-party service providers, including potential outages that could disrupt critical business functions[95]. Regulatory and Compliance Issues - The company is subject to extensive laws and regulations, and non-compliance could result in penalties and adversely affect operations[47]. - Compliance with evolving privacy and data protection laws is critical, as failures could result in reputational damage and financial penalties[114]. - The FDA's scrutiny of pet food labeling could lead to additional regulatory requirements, impacting product marketing and sales[106]. - Changes in U.S. trade policies, including potential tariffs on imports, could necessitate modifications to supply chain strategies and increase costs[103]. - The company is subject to extensive regulations, and non-compliance could result in significant liabilities, penalties, and operational disruptions[105]. - Regulatory changes regarding e-commerce and taxes could impose additional costs and compliance burdens on the company[144]. Financial Management and Liabilities - Significant investments in customer acquisition are necessary, and failure to acquire customers cost-effectively may harm profitability[55]. - The company may incur higher marketing expenses to attract new customers, which could affect pricing and margins[56]. - The company may face increased liabilities associated with unredeemed gift cards if state laws change or if assumptions regarding breakage prove incorrect[85]. - The company may face limitations on utilizing net operating loss and tax credit carryforwards due to ownership changes, which could affect future taxable income[119]. - The company is subject to various tax obligations, including U.S. federal and state income taxes, Canadian federal and provincial income taxes, and Chinese income taxes, which may fluctuate and impact financial results[175]. - Changes in tax laws and regulations could materially affect the company's financial condition and results of operations[175]. Market and Competitive Landscape - The company competes in a highly competitive pet products and services market, facing threats from larger competitors with greater resources[139]. - Competitors may leverage extensive research and development and aggressive pricing strategies, impacting the company's market share[140]. - The company differentiates itself through high-quality products and exceptional customer service, which are critical to maintaining competitive advantage[141]. - Economic conditions such as inflation and rising interest rates could adversely impact the pet market, affecting costs and profitability[129]. - Consumer spending on pet products is sensitive to economic factors, and declines in spending could harm sales and profitability[130]. Cybersecurity and Data Management - Cybersecurity incidents could result in unauthorized access to sensitive information, leading to reputational damage and potential legal liabilities[96]. - The company maintains privacy and cybersecurity insurance, but coverage may not be adequate for all liabilities incurred[99]. - The company has experienced fraudulent orders due to data breaches, which could harm its financial condition if not controlled[86]. - The company relies on third-party data centers and cloud service providers, making it vulnerable to service interruptions that could affect operations[90]. Corporate Governance and Shareholder Relations - Future sales of common stock by affiliates could depress the market price of the company's shares, affecting investor confidence[149]. - The company is considered a "controlled company" under NYSE rules, allowing it to rely on exemptions from certain corporate governance requirements[165]. - The revolving credit facility imposes restrictions that may limit the company's ability to incur additional debt, pay dividends, or make certain investments[172]. - The company does not expect to declare or pay any dividends in the foreseeable future, relying instead on stock price appreciation for shareholder returns[169]. - Legal proceedings could incur substantial costs and divert management resources, potentially adversely affecting the company's financial condition[171].

Financial Performance - KalVista reported $49.1 million in global net product revenue for EKTERLY® (sebetralstat) for the eight months ended December 31, 2025[1]. - Selling, general and administrative expenses increased to $124.7 million for the eight months ended December 31, 2025, compared to $64.9 million in 2024, primarily due to commercialization expenses related to EKTERLY[9]. - The company had cash, cash equivalents, and marketable securities of approximately $300.2 million as of December 31, 2025, which is expected to fund operations through profitability[9]. Research and Development - Research and development expenses decreased to $33.4 million for the eight months ended December 31, 2025, down from $52.2 million in the same period of 2024[9]. - The company completed enrollment in the Phase 3 KONFIDENT-KID trial a year ahead of schedule, with new interim analysis data to be presented at the 2026 Global Angioedema Leadership Conference[9]. Market Expansion and Product Launch - EKTERLY was launched in Japan by partner Kaken Pharmaceutical Co., Ltd., and has been listed on the National Health Insurance drug reimbursement price list[4]. - The company plans to file a US new drug application for EKTERLY for pediatric patients aged 2–11 in the third quarter of 2026, with a launch anticipated in 2027[9]. - KalVista anticipates continued market expansion for EKTERLY in 2026, reinforcing confidence in its global appeal[3]. Patient Engagement - A total of 1,702 patient start forms were received in the US, representing nearly 20% of the US patient population, with 724 unique prescribers activated by February 28, 2026[4]. - The majority of revenue in Q4 2025 was attributed to patients receiving refills of EKTERLY[4].

Financial Condition - As of December 31, 2025, the company had cash, cash equivalents, and marketable securities totaling $360.0 million, expected to fund operations for at least one year [204]. - The company incurred a net loss of $131.1 million for the year ended December 31, 2025, and had an accumulated deficit of $489.5 million [196]. - The company has a senior secured term loan facility of up to $200.0 million, with an initial loan of $40.0 million funded upon agreement [212]. - The company may need to raise additional capital to finance operations, which could lead to dilution of existing stockholders' interests [206]. - The company has entered into a sales agreement allowing it to issue and sell shares of common stock with an aggregate offering price of up to $200.0 million [208]. - The company’s financial condition and operating results are expected to fluctuate significantly from quarter to quarter and year to year [202]. Research and Development - The company expects significant increases in research and development expenses related to ongoing clinical trials for lead programs MZE829 and MZE782 [198]. - The company has no products approved for sale and is highly dependent on the success of its therapeutic candidates for future revenue generation [218]. - The company must raise additional funds necessary to complete clinical development and commercialization of its therapeutic candidates [218]. - The company initiated a Phase 2 trial of its lead program MZE829 in November 2024, with the first patient dosed in February 2025, and reported positive topline clinical proof of concept data in March 2026 [217]. - A Phase 1 clinical trial of the second lead program MZE782 was initiated in September 2024, with initial clinical data announced in September 2025, and plans to initiate two Phase 2 trials in 2026 [217]. - The company’s therapeutic candidates are developed using a precision medicine approach, which may limit the patient population eligible for clinical trials [231]. - The eligibility criteria for clinical trials may further restrict the pool of available trial participants, potentially leading to increased costs and delays [232]. - The company faces greater than anticipated clinical trial costs, including costs associated with approved drugs used in combination with therapeutic candidates [233]. - Clinical trials are competing for patient populations, which may reduce the number of patients available for the company's trials [235]. - Serious adverse events or undesirable side effects could halt clinical development or require expansion of trial sizes, increasing costs and timelines [236]. - The company may experience delays in commencing and completing clinical trials due to various regulatory and operational challenges [245]. - The FDA may require additional preclinical studies before allowing the initiation of clinical trials, leading to increased costs and delays [247]. - Interim, topline, and preliminary data from clinical trials may change as more patient data become available, impacting the company's reputation and financial condition [253]. - The company may not achieve projected development goals, which could delay the commercialization of therapeutic candidates and negatively affect stock price [255]. Regulatory and Compliance Risks - The company is subject to risks associated with pharmaceutical development, including potential delays and increased expenses in clinical trials [201]. - Compliance with the financial covenants in the Hercules Loan Agreement may limit the company's operational flexibility and impact its research and development efforts [215]. - Events of Default under the Hercules Loan Agreement could result in all outstanding principal and interest being declared immediately due and payable [216]. - Approval from the FDA does not guarantee approval in foreign jurisdictions, and the time required for foreign approvals may differ significantly [289]. - The company must adhere to strict advertising and promotion regulations for approved therapeutic candidates, limiting promotional activities to approved uses [297]. - Non-compliance with regulatory requirements can lead to significant financial penalties and operational restrictions [302]. - The FDA regulatory approval process is lengthy, requiring extensive preclinical and clinical data, which can take years to collect and is subject to a high failure rate [287]. - Regulatory uncertainties may impact the company's ability to obtain guidance and approvals from the FDA, leading to longer review times and potential delays in product commercialization [323]. Market and Competitive Landscape - The competition in the biopharmaceutical sector may hinder the company's ability to recruit sufficient patients for clinical trials, affecting potential milestone payments and royalties [244]. - The company faces significant competition in securing strategic partnerships, which could affect the development and commercialization of its therapeutic candidates [262]. - The company may struggle to develop companion diagnostic tests necessary for the commercialization of its therapeutic candidates, impacting revenue potential [357]. - Key factors influencing market acceptance include efficacy compared to alternative treatments, side effects, and pricing strategies [367]. - The company has estimated market opportunities for its therapeutic candidates, but these estimates are subject to significant uncertainties and may prove inaccurate [372]. Operational Risks - The company does not have manufacturing facilities and relies on third-party manufacturers, which poses risks related to supply adequacy and compliance with regulatory standards [275]. - Limited supply arrangements exist for therapeutic candidates, which may not extend to Phase 3 clinical or commercial supply, necessitating the establishment of agreements with third parties [276]. - The company may face significant delays in research and development activities due to political processes and disruptions at the FDA, which could adversely affect business operations and financial condition [322]. - The company relies on third-party data sources for its Compass platform, including the University of Helsinki and UK Biobank, which are critical for target identification and variant functionalization [256]. - The company relies on third-party manufacturers in China for contract manufacturing, exposing it to potential supply disruptions and increased costs due to geopolitical factors and trade restrictions [279]. Data Privacy and Security - The company is subject to stringent data privacy and security obligations, with potential regulatory investigations and penalties for non-compliance [338]. - The evolving landscape of data privacy laws, such as the California Consumer Privacy Act, may increase compliance costs and potential liabilities for the company [342]. - The company may face enforcement actions and significant penalties if perceived to have failed in its privacy commitments [347]. - Cybersecurity threats are increasing, and the company may not be able to effectively prevent or respond to all types of security incidents [386]. - Significant disruptions to information technology systems could result in financial, legal, and reputational harm to the company [389]. Human Resources and Management - Retaining key employees and attracting qualified personnel is critical for success in the competitive biotechnology industry [376]. - Delays in recruiting and training a sales force could hinder the commercial launch of therapeutic candidates, leading to unnecessary expenses [363]. - The company may not successfully enter into agreements with third parties for marketing and sales, which could lower revenue and profitability [364].

Financial Position - Maze Therapeutics reported a cash position of $360.0 million as of December 31, 2025, up from $196.8 million in 2024, providing a cash runway into 2028[10]. - The total operating expenses for the year ended December 31, 2025, were $142.9 million, compared to $109.9 million in 2024[20]. Revenue and Income - The company recognized no license revenue for the year ended December 31, 2025, compared to $167.5 million in 2024, primarily due to an upfront payment from Shionogi & Co., Ltd.[11]. - The net loss for the year ended December 31, 2025, was $131.1 million, compared to a net income of $52.2 million in 2024[14]. Research and Development - Research and Development (R&D) expenses increased to $108.4 million for the year ended December 31, 2025, from $83.5 million in 2024, reflecting higher clinical trial and manufacturing costs[12]. - MZE829 demonstrated a mean reduction in proteinuria of 35.6% at week 12 in broad AMKD patients, with 50% of patients achieving over a 30% reduction[3]. - MZE782 is expected to initiate two Phase 2 trials in 2026, targeting phenylketonuria (PKU) and chronic kidney disease (CKD)[5]. - Maze achieved a $20 million milestone in March 2026 related to the dosing of the first patient in a Phase 2 trial for MZE001, with potential additional milestone payments of up to $255.0 million[6]. Administrative Expenses - General and Administrative (G&A) expenses rose to $34.5 million for the year ended December 31, 2025, compared to $26.4 million in 2024, driven by higher personnel-related costs[13]. Leadership Changes - The company appointed Neil Kumar, Ph.D., to its Board of Directors, bringing valuable experience from his tenure at BridgeBio[7].

Financial Performance - Net sales for fiscal year 2025 reached $12.6 billion, representing an 8.3% growth on a normalized 52-week basis[6] - Adjusted EBITDA for fiscal year 2025 was $719 million, reflecting a 26% increase year over year[6] - Net income for fiscal year 2025 was $222.8 million, with a net margin of 1.8%, a contraction of 150 basis points year over year[8] - Adjusted net income increased to $540.5 million, up by $93.7 million year over year[8] - Basic earnings per share for fiscal year 2025 was $0.54, a decrease of $0.39 year over year[8] - Diluted earnings per share for fiscal year 2025 was $0.52, also a decrease of $0.39 year over year[8] - Net income for the 52 weeks ended February 1, 2026, was $222.8 million, a 43.3% decrease from $392.7 million for the 53 weeks ended February 2, 2025[16] - Adjusted EBITDA for the 52 weeks ended February 1, 2026, was $719.2 million, a 26.1% increase from $570.5 million for the 53 weeks ended February 2, 2025[24] - Adjusted net income for the 52 weeks ended February 1, 2026, was $540.5 million, a 21.0% increase from $446.8 million for the previous year[25] - Net income for the 13 weeks ended February 1, 2026, was $39.2 million, compared to $22.8 million for the same period in 2025, representing a 72% increase[26] - Adjusted EBITDA for the 13 weeks ended February 1, 2026, was $162.3 million, with an adjusted EBITDA margin of 5.0%, up from 3.8% in the prior year[26] Customer Metrics - Active customer count reached 21.3 million by the end of fiscal year 2025[6] - Active customers increased by 4.0% to 21.327 million for the 52 weeks ended February 1, 2026, compared to 20.514 million for the previous year[25] - Autoship customer sales for the 52 weeks ended February 1, 2026, were $10,497.1 million, an 11.8% increase from $9,393.3 million for the previous year[25] Cash Flow and Capital Expenditures - Cash and cash equivalents as of February 1, 2026, totaled $860.1 million, up from $595.8 million the previous year[15] - Free cash flow for the 52 weeks ended February 1, 2026, was $562.4 million, a 24.3% increase from $452.5 million for the 53 weeks ended February 2, 2025[25] - Net cash provided by operating activities for the 52 weeks ended February 1, 2026, was $691.6 million, a 16.0% increase from $596.3 million for the previous year[18] - Free cash flow for the 13 weeks ended February 1, 2026, was $232.0 million, compared to $156.6 million for the same period in 2025, indicating a 48% increase[28] - Capital expenditures for the 52 weeks ended February 1, 2026, were $129.2 million, compared to $143.8 million in the previous year[28] - The company anticipates that free cash flow may be affected by the timing of capital investments and fluctuations in growth and working capital[28] Margins and Earnings - Gross margin improved to 29.8%, an increase of 60 basis points year over year[8] - The adjusted basic earnings per share for the 52 weeks ended February 1, 2026, was $1.31, compared to $1.06 for the same period in 2025[27] - The company reported a net margin of 1.8% for the 52 weeks ended February 1, 2026, down from 3.3% in the previous year[26] - Earnings per share (basic) for the 52 weeks ended February 1, 2026, was $0.54, a 41.9% decrease from $0.93 for the previous year[25] - Basic earnings per share for the 52 weeks ended February 1, 2026, was $0.54, down from $0.93 in the prior year, while diluted earnings per share was $0.52, down from $0.91[27] Asset Growth - Total assets increased to $3.366 billion from $3.014 billion year over year[15] - Net sales for the 52 weeks ended February 1, 2026, reached $12,601.5 million, compared to $11,861.3 million for the same period in 2025, marking a 6.2% increase[26] - Net sales for the 13 weeks ended February 1, 2026, were $3,264.7 million, a 0.5% increase from $3,247.4 million for the 14 weeks ended February 2, 2025[16]

Financial Performance - The company reported a net loss of $6.5 million in Q4 2025, compared to a net loss of $4.2 million in Q4 2024, and a total net loss of $10.8 million for 2025, a shift from a net income of $3.6 million in 2024 [11]. - Total revenue for 2025 was $16,020,000, a decrease from $16,000,000 in 2024 [18]. - The net loss for 2025 was $10,835,154, compared to a net income of $3,594,733 in 2024 [18]. - Basic net loss per common share for 2025 was $(2.60), a decline from $0.93 in 2024 [18]. - The company reported a loss before income tax expense of $(12,117,303) in 2025, compared to a profit of $5,659,738 in 2024 [18]. - Comprehensive loss for 2025 was $(10,799,131), compared to a comprehensive income of $3,495,375 in 2024 [18]. Expenses - Research and development expenses for Q4 2025 were $2.9 million, up from $1.9 million in Q4 2024, while total R&D expenses for 2025 reached $10.8 million, compared to $7.8 million in 2024 [11]. - General and administrative expenses were $1.5 million in Q4 2025, compared to $1.3 million in Q4 2024, and totaled $5.8 million for 2025, up from $5.5 million in 2024 [11]. - Total operating expenses rose to $12,831,073 in 2025, compared to $11,509,712 in 2024, marking an increase of 11.5% [18]. - The impairment of in-process R&D increased to $4,624,000 in 2025, up from $2,008,000 in 2024 [18]. Cash and Assets - Kiora ended 2025 with $17.1 million in cash, cash equivalents, and short-term investments, alongside $3.5 million in receivables [8]. - The total assets of Kiora decreased to $24.25 million in 2025 from $36.48 million in 2024, reflecting a significant reduction in cash and short-term investments [17]. - Kiora anticipates that its existing cash and short-term investments will fund operations into late 2027, beyond the expected topline data readouts for ongoing clinical trials [7]. - Interest income decreased to $894,002 in 2025 from $1,252,849 in 2024, reflecting a decline of 28.6% [18]. Clinical Trials and Research - Kiora initiated two Phase 2 clinical trials, KLARITY and ABACUS-2, with both trials actively recruiting and dosing patients, aiming for initial data readouts in the first half of 2027 [3]. - Kiora completed validation of functional vision endpoints for KIO-301 and activated multiple trial sites for the ABACUS-2 trial, which involves 36 patients [4]. - The company identified the potential for platform expansion of KIO-300 as an ion-channel modulator, demonstrated through preclinical proof of concept in epilepsy treatment [6]. - Research and development expenses increased to $10,780,397 in 2025, up from $7,842,207 in 2024, representing a 37.8% increase [18]. Strategic Partnerships - The company strengthened its strategic global commercial network for KIO-301 through an option agreement with Senju Pharmaceutical Co. Ltd., with a potential deal value of up to $110 million plus royalties [6]. Share Information - The weighted average shares outstanding for basic shares increased to 4,166,692 in 2025 from 3,872,644 in 2024 [18].

Clinical Trials and Development - KIO-301 is in Phase 2 clinical trial for retinitis pigmentosa (RP) with 36 patients enrolled in the ABACUS-2 trial, which is ongoing [21]. - KIO-104 has shown a decrease in intraocular inflammation and improved visual acuity in a Phase 1b/2a study, with plans to start a Phase 2 trial in the second quarter of 2025 [22]. - KIO-301 is in Phase 2 clinical development for retinitis pigmentosa, actively enrolling patients in collaboration with TOI [45]. - KIO-104 is also in Phase 2 clinical development for retinal inflammation, with ongoing patient enrollment [45]. - KIO-301 achieved its primary endpoint of safety and tolerability in a Phase 1b study, with no serious adverse events reported [51]. - Key secondary efficacy endpoints for KIO-301 showed improvements in vision, including expanded visual fields and improved visual acuity [52]. - KIO-104 demonstrated a promising safety profile and efficacy signals in improving visual acuity in uveitis patients, with a dose-dependent effect observed [55]. Market and Patient Demographics - The U.S. has approximately 99,593 patients with RP, while globally, around 2.4 million people are estimated to have this condition [24][25]. - Diabetic macular edema (DME) affects approximately 750,000 Americans, with 34.2 million Americans having diabetes [31][32]. - There are approximately 0.2 million cases of posterior non-infectious uveitis annually in the U.S., UK, and EU [34]. - KIO-301 has potential applications beyond RP, including geographic atrophy, which affects about 1 million patients in the U.S. [30]. Regulatory Designations and Exclusivity - KIO-301 received Orphan Drug Designation (ODD) from the FDA on March 17, 2022, and expanded ODD from the European Medicines Agency in July 2024 [29]. - The company received orphan drug designation from the FDA for KIO-301, which is intended to treat a rare disease affecting fewer than 200,000 individuals in the U.S. [96]. - Kiora Pharmaceuticals received Orphan Medicinal Product Designation for KIO-301 from the European Medicines Agency for treating non-syndromic, rod-dominant retinal dystrophies in July 2024 [99]. - The designation was expanded in September 2024 to include syndromic, rod-dominant retinal dystrophies, such as Usher's syndrome, which has additional non-ocular disease aspects [99]. - The FDA grants seven years of marketing exclusivity for products with orphan drug designation upon first approval for the studied disease [97]. - The European Commission provides a ten-year market exclusivity period for orphan medicinal products following marketing approval, with conditions for granting similar product approvals [98]. - Innovative medicinal products in the EU can qualify for eight years of data exclusivity and an additional two years of market exclusivity upon marketing authorization [92]. Financial Performance and Funding - The company incurred a net loss of approximately $10.8 million for the year ended December 31, 2025, and a total net loss of $154.2 million since inception [119]. - As of December 31, 2025, the company had cash and cash equivalents of $8.7 million and short-term investments of $8.4 million, totaling $17.1 million [127]. - The company expects to continue incurring significant expenses related to the clinical trials for KIO-104 and KIO-301 [120]. - Future capital requirements will depend on various factors, including the success of clinical trials and the ability to obtain regulatory approvals [126]. - The company anticipates needing substantial additional funding to support ongoing operations and product development efforts [124]. - The company expects its financial condition and operating results to fluctuate significantly from quarter to quarter and year to year [137]. Competition and Market Risks - The company faces significant competition from larger pharmaceutical and biotechnology firms, which have greater financial resources and expertise in R&D, manufacturing, and regulatory approvals [74]. - The company's market opportunity may be diminished if competitors develop safer, more effective, or less expensive products, or if they obtain regulatory approval more quickly [76]. - The company may face significant competition that could impact the commercialization of its product candidates [121]. - The company faces substantial competition from major pharmaceutical and biotechnology companies, which could hinder its market entry and success [166]. Manufacturing and Supply Chain - The company relies on third-party contract manufacturers for production, as it currently lacks in-house manufacturing capabilities [72]. - The company relies on third-party manufacturers for the production of KIO-104 and KIO-301, which increases the risk of supply delays and cost fluctuations [199]. - There are currently no contractual commitments for commercial supply of bulk drug substance for KIO-104 and KIO-301, which may adversely affect financial results [201]. - Compliance with CGMP regulations by third-party manufacturers is critical, as non-compliance could lead to sanctions and affect product supply [205]. Intellectual Property and Legal Risks - The company holds 36 active patents expiring between 2031 and 2043, and has applied for an additional 68 patents [60]. - The company has 39 pending patents, but the patent position is uncertain and may not provide sufficient protection against competitors [208]. - The patent prosecution process is expensive and time-consuming, potentially hindering the ability to secure necessary patent protections [207]. - The company may be involved in litigation regarding intellectual property rights, which could be costly and time-consuming [213]. - There is a risk of claims from third parties asserting misappropriation of intellectual property, which could lead to litigation [219]. Strategic Partnerships and Agreements - The company entered an exclusive option agreement with Senju Pharmaceutical for KIO-301, receiving a nonrefundable payment of $1.25 million and potential milestone payments of up to $109.5 million [43]. - An exclusive option agreement with Senju includes a non-refundable upfront fee of $1.25 million and potential maximum payments of $110.75 million upon exercise [61]. - The company received an upfront payment of $16 million from TOI for the co-development and commercialization rights of KIO-301, with potential milestone payments of up to $285 million [188]. - TOI is responsible for all costs and activities related to Phase III clinical trials for KIO-301, which may affect the timeline and commercialization [189]. Sales and Marketing Strategy - The company plans to establish its own sales and marketing infrastructure for KIO-104 and KIO-301, which involves significant costs and risks [164]. - The commercial success of KIO-301 and other products will depend on third-party payor coverage and reimbursement availability [107]. - The company expects to price KIO-104 and KIO-301 at a premium over competitive products if they achieve marketing approval [168]. - The company may not be successful in establishing third-party arrangements for sales and marketing, which could limit its ability to commercialize its product candidates effectively [165]. Regulatory Compliance and Challenges - Clinical trials must adhere to Good Clinical Practices (GCP) and require approval from an Institutional Review Board (IRB) before initiation [80]. - The FDA approval process for new drugs involves extensive preclinical and clinical testing, requiring substantial time and financial resources [79]. - The marketing authorization process in the EU requires a complete data package and can involve centralized or decentralized procedures, with specific timelines for evaluation [89][90]. - Ongoing healthcare reforms may exert pricing pressures on the pharmaceutical industry, potentially affecting Kiora Pharmaceuticals' profitability [108]. - The company may face unfavorable pricing regulations and reimbursement practices that could harm its business [171].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41273 BYNORDIC ACQUISITION CORPORATION (Exact name of registrant as specified in its charter) Delaware 84-4529780 (State or other juris ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41273 BYNORDIC ACQUISITION CORPORATION (Exact name of registrant as specified in its charter) Delaware 84-4529780 (State or other juris ...

Financial Performance - Group Revenue increased by 3.8% to $6,908m, with Organic Revenue growth of 2.6% driven by strong demand and pricing[32] - Adjusted Operating Profit increased by 5.4% for the year, with a margin of 15.5%, and North America Operating Margin improved to 17.4%[15] - Adjusted Operating Profit increased by 5.4% to $1,070m, reflecting revenue growth and cost efficiency initiatives[35] - The Adjusted Operating Profit for the year was $1,070 million, up $62 million from $1,008 million in the previous year[108] - Total profit attributable to equity holders increased to $470 million in 2025 from $392 million in 2024, while it was $474 million in 2023[160] - Profit attributable to equity holders from continuing operations decreased to $290 million in 2025 from $346 million in 2024 and $437 million in 2023[160] - The company reported a profit for the year of $474 million, a decrease from $392 million in the previous year[120] Cash Flow and Liquidity - Free Cash Flow of $615 million, up 24.5% year-on-year, with Free Cash Flow Conversion of 98% exceeding guidance[15] - The Group's Free Cash Flow, including discontinued operations, was $636 million, an increase of $110 million compared to the prior year, primarily due to improved trading performance and working capital[106] - Cash and cash equivalents increased significantly to $2,319 million from $1,158 million, reflecting a growth of 99.9% year-over-year[118] - The Group's liquidity headroom as of December 31, 2025, was $2.6 billion, including $1 billion of undrawn revolving credit facilities[111] - Net cash flows from operating activities increased to $972 million in 2024, up from $868 million in 2023, reflecting a growth of 12%[126] Debt and Financial Ratios - Net debt reduced to $3.65 billion, with a Net debt to Adjusted EBITDA ratio of 2.6x, down from 2.9x in FY24[15] - The net debt reduced by $367 million to $3,650 million, reflecting improved cash flow and debt management[106] - Cash interest payments rose to $222m, reflecting the impact of refinancing existing debt at higher rates[42] - The effective tax rate for the period was 25.6%, slightly up from 25.1% in the previous year[105] Revenue Growth and Segmentation - North America Revenue grew by 3.2% to $4,294m, with Organic Revenue growth of 2.3% and a notable improvement in the second half of the year[45] - Pest Control category Revenue rose by 3.7% to $5,703m, with Organic Revenue growth of 2.6%[33] - Hygiene & Wellbeing revenue grew by 6.1% to $1,205 million, with organic revenue growth of 2.3%[89] - The International segment's revenue increased to $2,614 million in 2025 from $2,453 million in 2024, a rise of 6.5%[147] Strategic Initiatives and Investments - Strategic initiatives in North America led to a quarter-on-quarter improvement in Organic Revenue Growth, with a focus on retaining 30 brands representing over 90% of revenue[12] - Investment in AI and data capabilities includes the rollout of Gemini to approximately 63,400 colleagues and the development of over 100 AI agents to enhance productivity[29] - The company plans to expand its network to around 800 branches by the end of 2026, enhancing customer proximity and market demand penetration[12] - Ongoing M&A activity with 36 businesses acquired for $115 million, with a healthy pipeline expected to lead to $200 million in spending in 2026[22] Customer Metrics and Satisfaction - Customer retention improved to 80.5%, up from 80.1% in the previous year, indicating enhanced customer satisfaction efforts[47] - US Commercial Pest customer Net Promoter Scores (NPS) improved by 5.3 points year-on-year, while US Residential customers saw a 3.1 point increase[58] - Participation in the Trusted Advisor programme increased by 5% year-on-year to 61.5%[57] Acquisitions and Divestitures - The company completed 12 acquisitions in North America, with combined revenues of approximately $27m prior to acquisition[48] - The company completed the sale of its Workwear business in France on September 30, 2025, realizing a profit of $124 million from the sale[168] - Total purchase consideration for acquisitions in 2025 was $115 million, down from $232 million in 2024, reflecting a 50% decrease[178] - New acquisitions contributed $29 million to revenue and $3 million to operating profit in 2025, compared to $86 million and $2 million respectively in 2024[178] Future Projections and Market Outlook - Despite geopolitical uncertainties, the company expects FY 2026 financial results to align with market expectations[24] - The global pest control market is projected to reach around $50 billion by 2034, growing at a CAGR of 6.2%[82] - North America long-term growth rate for 2025 is projected at 2.2%, with a pre-tax discount rate of 10.3%[199] - Europe long-term growth rate for 2025 is projected at 1.9%, with a pre-tax discount rate of 9.9%[199] - The company plans to change its presentation currency from sterling to US dollar effective January 1, 2025, to mitigate foreign exchange volatility[135]