Financial Position - Kiora ended Q2 2024 with $27.8 million in cash, cash equivalents, and short-term investments, with an additional $3.7 million in near-term receivables from R&D reimbursements and tax credits, providing a runway into 2027[1][7] - Cash and cash equivalents increased to $6,575,394 as of June 30, 2024, from $2,454,684 at December 31, 2023[12] - Total current assets rose significantly to $31,830,805 as of June 30, 2024, compared to $4,738,031 at December 31, 2023[12] - Total assets increased to $40,814,265 as of June 30, 2024, from $13,711,870 at December 31, 2023[12] - Total liabilities, commitments, and contingencies were $7,712,592 as of June 30, 2024, compared to $7,602,216 at December 31, 2023[12] - The accumulated deficit decreased to $(135,745,294) as of June 30, 2024, from $(146,976,855) at December 31, 2023[12] Revenue and Expenses - Revenue for Q2 2024 was $20,000, compared to no revenue in Q2 2023, recognized from a grant for validating functional vision assessments[8] - Total revenue for the six months ended June 30, 2024, was $16,020,000, compared to $20,000 for the same period in 2023[13] - Kiora spent $2.0 million on R&D in Q2 2024, resulting in net R&D expenses of $0.9 million after $1.1 million in reimbursement credits, down from $1.4 million in Q2 2023[8][9] - General and administrative expenses increased to $1.5 million in Q2 2024 from $1.1 million in Q2 2023, attributed to technical accounting and legal advisory services[9] - 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[13] - The net loss for Q2 2024 was $2.2 million, an improvement from a net loss of $2.6 million in Q2 2023, primarily due to KIO-301 expense credits[9] - 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[13] - The company reported interest income of $342,102 for the three months ended June 30, 2024, compared to $45,087 for the same period in 2023[13] Research and Development - Kiora is advancing KIO-301 and KIO-104 toward Phase 2 trials, with KIO-301 targeting retinitis pigmentosa and KIO-104 aimed at multiple retinal inflammatory diseases[2][4] - KIO-301 received Orphan Medicinal Product Designation from the EMA for inherited retinal diseases, and the company is finalizing clinical validation of functional vision endpoints for the ABACUS-2 trial[4][5] - Kiora plans to initiate the Phase 2 CLARITY study for KIO-104 in H1 2025, following positive Phase 1b results and ongoing non-clinical work[4][7] - The company anticipates completing the clinical validation of functional vision endpoints for ABACUS-2 and receiving approval to initiate the study in H2 2024[7] Strategic Outlook - Kiora's cash position allows for robust study designs, potentially reducing time to market and increasing chances for approval and commercial success[2]
Kiora Pharmaceuticals(KPRX) - 2024 Q2 - Quarterly Results