Financial Performance - The net loss for Q4 2024 was $4.2 million, compared to a net loss of $2.3 million in Q4 2023; however, net income for 2024 was $3.6 million, a significant improvement from a net loss of $12.5 million in 2023[7] - Total revenue for 2024 reached $16,020,000, compared to $0 in 2023[18] - Collaboration revenue was $16,000,000, while grant revenue was $20,000[18] - Operating income before other income was $4,510,288, a significant improvement from a loss of $12,586,896 in 2023[18] - Net income for 2024 was $3,594,733, compared to a net loss of $12,513,896 in 2023[18] - Net income per common share (basic) was $0.93, a recovery from a loss of $24.25 per share in 2023[18] - Comprehensive income for 2024 was $3,495,375, compared to a loss of $12,513,956 in 2023[18] Research and Development - R&D expenses for 2024 totaled $7.8 million, up from $4.0 million in 2023, primarily due to activities related to KIO-301 and KIO-104[9] - Kiora received $3.3 million in reimbursed R&D expenses in 2024 from Laboratoires Théa, with $2.9 million recognized in offsetting collaboration credits[5] - The company initiated two Phase 2 clinical trials: KLARITY for KIO-104 and ABACUS-2 for KIO-301, with patient enrollment expected to begin soon[2] - KIO-301 is being developed for retinitis pigmentosa, with a 36-patient, multi-center study approved to evaluate its efficacy[2] - KIO-104 aims to provide an alternative to chronic steroid use for treating inflammatory retinal diseases, with the first patient expected to be dosed in Q2 2025[4] - The company anticipates increased net R&D expenses in 2025 primarily due to costs related to patient enrollment in the KLARITY study[9] - Research and development expenses increased to $7,842,207 from $4,027,037 in 2023, indicating a focus on innovation[18] Cash and Assets - Kiora ended 2024 with $26.8 million in cash, cash equivalents, and short-term investments, with an expected runway into 2027[5] - Total assets increased to $36.5 million in 2024, up from $13.7 million in 2023, reflecting growth in cash and investments[17] Operating Expenses - General and administrative expenses for 2024 were $5.5 million, compared to $4.7 million in 2023, with expectations to remain consistent in 2025[10] - Total operating expenses decreased to $11,509,712 from $12,586,896 in 2023[18] - Weighted average shares outstanding (basic) increased to 3,872,644 from 538,007 in 2023, reflecting potential dilution[18] Marketable Securities - The company reported an unrealized gain on marketable securities of $29,719 in 2024[18]
Kiora Pharmaceuticals(KPRX) - 2024 Q4 - Annual Results