Financial Position - Kiora Pharmaceuticals ended Q3 2024 with $29.0 million in cash, cash equivalents, and short-term investments, along with $1.8 million in collaboration receivables from the Théa partnership[6]. - Kiora's cash runway is expected to extend into 2027, excluding any potential partnership milestones[6]. - The company recorded a $1.5 million increase in cash position from the prior quarter due to R&D incentive tax credits[6]. Research and Development - Research and development expenses for Q3 2024 were $2.2 million, resulting in net R&D expenses of $1.3 million, an increase from $1.1 million in Q3 2023[7]. - Kiora received approval to initiate the ABACUS-2 Phase 2 study for KIO-301, which will enroll 36 patients with retinitis pigmentosa[3]. - The KLARITY trial for KIO-104 is planned to begin in the first half of 2025, focusing on multiple doses for inflammatory retinal diseases[5]. - KIO-301 targets patients with over 150 known gene mutations associated with retinitis pigmentosa, enhancing the likelihood of success for the upcoming trials[3]. - Kiora's partnership with Théa supports R&D activities, allowing further investment in KIO-104[5]. - Research and development expenses for the nine months ended September 30, 2024, increased to $3,717,570, up from $2,915,392 in 2023, representing a 27.5% increase[13]. Financial Performance - The net loss for Q3 2024 was $3.4 million, a decrease from a net loss of $5.8 million in Q3 2023, primarily due to a non-cash component related to the strategic focus on KIO-301 and KIO-104[9]. - Net loss attributable to common shareholders for the nine months ended September 30, 2024, was $7,818,235, a significant improvement from a loss of $10,776,275 in the same period of 2023[13]. - Total revenue for the nine months ended September 30, 2024, was $16,020,000, compared to $20,000 for the same period in 2023[13]. - Net income (loss) per common share - basic for the nine months ended September 30, 2024, was $2.08, compared to a loss of $23.35 in 2023[13]. - Comprehensive income for the nine months ended September 30, 2024, was $7,925,830, compared to a loss of $10,328,720 in 2023[13]. - Total operating expenses for the nine months ended September 30, 2024, were $8,945,030, down from $10,468,247 in 2023, reflecting a decrease of 14.6%[13]. - Interest income for the nine months ended September 30, 2024, was $813,989, compared to $128,464 in 2023, indicating a substantial increase[13]. - Unrealized gain on marketable securities for the nine months ended September 30, 2024, was $73,607, compared to no gain in 2023[13]. Administrative Expenses - General and administrative expenses remained stable at $1.4 million for Q3 2024, unchanged from Q3 2023[8]. - General and administrative expenses for the nine months ended September 30, 2024, were $4,215,411, up from $3,782,596 in 2023, marking an increase of 11.5%[13]. Shareholder Information - The weighted average shares outstanding - basic for the nine months ended September 30, 2024, was 3,757,467, compared to 438,687 in 2023, showing a significant increase in shares[13].
Kiora Pharmaceuticals(KPRX) - 2024 Q3 - Quarterly Results