Kiora Pharmaceuticals(KPRX) - 2025 Q1 - Quarterly Results

Corporate Highlights and Pipeline Update Kiora Pharmaceuticals advances its retinal disease pipeline with two Phase 2 trials for KIO-104 and KIO-301, focusing on key clinical endpoints - The company is initiating two Phase 2 clinical trials: the KLARITY study for KIO-104 (retinal inflammation) and the ABACUS-2 study for KIO-301 (retinitis pigmentosa)[2] - For the KIO-301 ABACUS-2 trial, Kiora is focusing on tailoring clinically meaningful functional vision endpoints for patients with ultra-low vision, a critical step for potential market approval[3] - KIO-104, a small molecule DHODH inhibitor, is being developed as a locally delivered alternative to chronic steroids for inflammatory retinal diseases, with first patient enrollment expected in Q2 2025[4] - The company received approval to start the KLARITY Phase 2 trial for KIO-104 and continued patient enrollment in a functional endpoint validation study for KIO-301[5] First Quarter Financial Highlights Kiora ended Q1 2025 with $24.1 million cash and a runway into late 2027, reporting a $2.2 million net loss due to non-recurring prior year revenue - Ended Q1 2025 with $24.1 million in cash, cash equivalents, and short-term investments, with a projected cash runway into late 2027[4][5][6] - Received $1.8 million in reimbursed R&D expenses for Q4 2024 activities from its partnership with Laboratoires Théa, with total reimbursements reaching $5.6 million since the collaboration began[4][5] Q1 2025 vs Q1 2024 Financial Performance | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | Change Driver | | :--- | :--- | :--- | :--- | | Net (Loss) Income | $(2.2) | $13.4 | Absence of $16M upfront collaboration revenue in 2025 | | R&D Expenses (Gross) | $2.5 | $1.7 | Increased clinical trial activities | | G&A Expenses | $1.5 | $1.3 | General increase in administrative costs | Financial Statements Kiora's Q1 2025 financial statements detail its position and operational results, highlighting a net loss from non-recurring prior-year collaboration revenue Condensed Consolidated Balance Sheets Presents Kiora's financial position as of March 31, 2025, detailing assets, liabilities, and stockholders' equity Balance Sheet Summary | Account | March 31, 2025 (Thousands) | December 31, 2024 (Thousands) | | :--- | :--- | :--- | | Cash and Short-Term Investments | $24,106 | $26,792 | | Total Current Assets | $27,107 | $29,706 | | Total Assets | $34,020 | $36,484 | | Total Current Liabilities | $5,275 | $6,009 | | Total Liabilities | $10,319 | $10,725 | | Total Stockholders' Equity | $23,700 | $25,760 | Condensed Consolidated Statements of Operations Details Kiora's operational results for the first quarter, showing revenue, expenses, and net loss compared to the prior year Statement of Operations Summary (Three Months Ended March 31) | Metric | 2025 (Millions) | 2024 (Millions) | | :--- | :--- | :--- | | Collaboration Revenue | $0.00 | $16.00 | | Total Operating Expenses | $2.33 | $2.78 | | Operating (Loss) Income | $(2.33) | $13.22 | | Net (Loss) Income | $(2.19) | $13.45 | | Net (Loss) Income per Share - Basic | $(0.52) | $4.67 | About Kiora Pharmaceuticals Kiora Pharmaceuticals is a clinical-stage biotech developing small molecule therapies for retinal diseases like retinitis pigmentosa and retinal inflammation - Kiora is a clinical-stage biotech developing small molecule therapies for retinal diseases[10] - Key product candidates include KIO-301 for retinitis pigmentosa and KIO-104 for retinal inflammation[10]