Kiora Pharmaceuticals(KPRX) - 2025 Q3 - Quarterly Report

Financial Performance - Total revenue for the nine months ended September 30, 2025, was $16,020,000, a significant decrease compared to $16,000,000 for the same period in 2024[16] - The net loss for the three months ended September 30, 2025, was $26,806, compared to a net loss of $3,413,326 for the same period in 2024, reflecting a substantial improvement[16] - For the nine months ended September 30, 2025, Kiora Pharmaceuticals reported a net loss of $4.32 million compared to a net income of $7.82 million for the same period in 2024[22] - The net loss for the three months ended September 30, 2025, was $26,806, compared to a net loss of $3,413,326 for the same period in 2024[109] Cash and Assets - Cash and cash equivalents increased from $3,792,322 as of December 31, 2024, to $5,508,899 as of September 30, 2025, an increase of approximately 45.3%[14] - The company had unrestricted cash and cash equivalents of $5.51 million and short-term investments of $13.9 million as of September 30, 2025, with an accumulated deficit of $147.7 million[28] - The company’s total cash, cash equivalents, and restricted cash increased to $5.51 million as of September 30, 2025, compared to $3.80 million as of December 31, 2024[48] - Total current assets decreased from $29,706,012 as of December 31, 2024, to $22,693,856 as of September 30, 2025, representing a decline of approximately 23.6%[14] Liabilities and Equity - The total liabilities decreased from $10,724,708 as of December 31, 2024, to $7,452,712 as of September 30, 2025, a reduction of approximately 30.5%[14] - As of September 30, 2025, total stockholders' equity increased to $22,410,742 from $22,127,478 at June 30, 2025, reflecting a growth of approximately 1.3%[18] - The accumulated deficit increased from $(143,382,122) as of December 31, 2024, to $(147,700,755) as of September 30, 2025, indicating a worsening of approximately 3.5%[14] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $7,852,267, compared to $5,917,868 for the same period in 2024, representing an increase of approximately 33%[16] - The Company incurred $1,467,935 in R&D expenses for the quarter ended September 30, 2025, with $1,422,731 reimbursed[114] - The Company recognized an impairment loss of $2.0 million for in-process R&D assets as of August 31, 2024, due to a strategic decision to cease future development[43] Stock and Compensation - Stock-based compensation for the nine months ended September 30, 2025, amounted to $665,788, compared to $496,413 for the same period in 2024, representing a 34% increase[19] - Total stock-based compensation expense for the three months ended September 30, 2025, was $254,398, compared to $171,176 for the same period in 2024, representing a 48.6% increase[77] - The weighted-average grant date fair value of options granted for the nine months ended September 30, 2025, was $2.68, with an expected stock price volatility of 136.6%[78] Investments and Fair Value - The unrealized gain on investments as of September 30, 2025, was $11,214, compared to an unrealized loss of $(16,001) for the same period in 2024, indicating a positive shift in investment performance[19] - As of September 30, 2025, total assets measured at fair value amounted to $17,499,722, with cash equivalents of $3,633,176 and short-term investments of $13,866,546[58] Collaboration and Agreements - The Company entered into an exclusive option agreement with Senju Pharmaceutical Co., Ltd, which includes a non-refundable upfront payment of $1.25 million[82][83] - The License Agreement with Théa Open Innovation included a non-refundable payment of $16.0 million, recognized in the first quarter of 2024[85][86] Future Outlook - The company anticipates having sufficient cash to fund its planned operations into late 2027 without an immediate need to raise additional capital[28] - Kiora has incurred annual losses and negative cash flows since inception, with future losses anticipated[28]