Financial Performance - Total revenue for the six months ended June 30, 2024, was $16,020,000, compared to $20,000 for the same period in 2023[12]. - Net income for the six months ended June 30, 2024, was $11,231,561, compared to a net loss of $(4,482,349) for the same period in 2023, representing a significant turnaround[19]. - Net loss for the three months ended June 30, 2024, was $2,221,646, compared to a net loss of $2,613,813 for the same period in 2023, representing a 15% improvement[12]. - The company reported a comprehensive loss of $2,203,007 for the three months ended June 30, 2024, compared to a comprehensive loss of $2,624,262 for the same period in 2023, reflecting a 16% improvement[12]. - Net loss for the six months ended June 30, 2024, was $11.23 million, a decrease in loss of $15.71 million compared to a net loss of $4.48 million in the same period in 2023[122]. Operating Expenses - Operating expenses for the three months ended June 30, 2024, were $2,564,887, a decrease of 2.6% from $2,633,012 in the same period of 2023[12]. - Operating expenses for the six months ended June 30, 2024, totaled $5.34 million, an increase of $0.79 million from $4.55 million in the same period in 2023[122]. - Kiora's general and administrative expenses increased by $0.47 million for the six months ended June 30, 2024, primarily due to higher professional fees and personnel-related costs[123]. - Research and development expenses for the six months ended June 30, 2024, were $2,400,339, compared to $1,830,382 for the same period in 2023, showing an increase of 31%[12]. - Research and Development expenses increased by $0.6 million, primarily due to UC licensing payments of $0.7 million and drug substance testing costs of $0.6 million[124]. Cash and Investments - Cash, cash equivalents, and restricted cash at the end of the period were $6,579,573, compared to $7,955,800 at the end of June 30, 2023[19]. - As of June 30, 2024, Kiora Pharmaceuticals had unrestricted cash and cash equivalents of $6.6 million and short-term investments of $21.2 million, with an accumulated deficit of $135.7 million[27]. - The total cash, cash equivalents, and restricted cash amounted to $6.58 million as of June 30, 2024, compared to $2.46 million on December 31, 2023, indicating a significant increase[45]. - As of June 30, 2024, the company had unrestricted cash and cash equivalents totaling $6.6 million, compared to $2.5 million at December 31, 2023[128]. - Cash on hand and short-term investments at June 30, 2024, totaled approximately $27.8 million, which is expected to fund operations into 2027[133]. Equity and Stock - Total stockholders' equity increased to $33,101,673 as of June 30, 2024, compared to $10,155,509 as of June 30, 2023, reflecting a growth of approximately 226%[13]. - The weighted average shares outstanding for basic earnings per share increased to 4,170,627 for the three months ended June 30, 2024, compared to 365,530 for the same period in 2023[12]. - The company issued 1,755,556 shares of common stock from a private placement, contributing $158,000 to stock amount and $13,650,815 to additional paid-in capital[17]. - The company raised $14,998,865 from a private placement, net of offering costs of $1,190,049, during the first half of 2024[19]. - The company raised net proceeds of approximately $13.8 million in a private placement offering that closed on February 5, 2024[127]. Collaboration and Revenue Recognition - The company had no collaboration revenue for the three months ended June 30, 2024, while it recorded $16,000,000 in collaboration revenue for the six months ended June 30, 2024[12]. - Kiora recognized a license access fee of $16.0 million in the first quarter of 2024 from a strategic agreement with Théa Open Innovation for the development of KIO-301[40]. - Kiora Pharmaceuticals recognized $16 million in collaboration revenue from a strategic development and commercialization agreement with Théa Open Innovation in January 2024[109]. - The company has not recorded any deferred revenue balance as of June 30, 2024, indicating no amounts received prior to satisfying revenue recognition criteria[35]. Future Outlook and Development - The company is focused on developing therapies for ophthalmic diseases, with ongoing efforts in research and development[21]. - The company plans to initiate a Phase 2 trial for KIO-301 later in 2024, expanding its development to include late-stage Choroideremia and Stargardt disease[110]. - Kiora is designing a Phase 2 clinical trial for KIO-104, expected to start in early 2025, targeting Posterior Non-Infectious Uveitis[111]. - The company anticipates needing additional financing to support future operations and product commercialization efforts[126]. - The company expects to incur significant expenses and increasing operating losses for the foreseeable future as it seeks partnerships for product development[130]. Assets and Liabilities - Total assets measured at fair value amounted to $26,209,635, with cash equivalents at $4,966,964 and short-term investments at $21,242,671[55]. - The Company has a total lease liability of $82.322 million, with future annual minimum lease payments totaling $92.835 million as of June 30, 2024[86]. - The maximum obligation for contingent consideration from acquisitions totals $18.799 million, with a current fair value estimated at $5.237 million[100]. - Contingent consideration liabilities increased to $5,236,999 from $5,128,959, a rise of 2.1%[57]. - The discount rate for contingent consideration increased to 15.0% from 13.1%[58].
Kiora Pharmaceuticals(KPRX) - 2024 Q2 - Quarterly Report