Kiora Pharmaceuticals(KPRX) - 2025 Q3 - Quarterly Results

Financial Performance - Kiora Pharmaceuticals reported a net income of $27,000 for Q3 2025, a significant improvement compared to a net loss of $3.4 million in Q3 2024[7] - The net loss for the three months ended September 30, 2025, was $26,806, a significant improvement compared to a net loss of $3,413,326 in the same period of 2024[16] - The company reported a net loss per common share (basic) of $0.01 for the three months ended September 30, 2025, compared to a loss of $0.81 in 2024[16] - Comprehensive loss income for the three months ended September 30, 2025, was $28,867, compared to a comprehensive loss of $3,242,797 in 2024[16] - The company recognized an income tax benefit of $643,129 for the three months ended September 30, 2025, compared to no tax benefit in the same period of 2024[16] Revenue and Expenses - Total revenue for the nine months ended September 30, 2025, was $16,020,000, compared to $16,000,000 for the same period in 2024[16] - Total operating expenses for the nine months ended September 30, 2025, were $5,520,987, down from $8,945,030 in 2024, indicating a reduction of approximately 38%[16] - Research and development expenses increased to $7,852,267 for the nine months ended September 30, 2025, up from $5,917,868 in 2024, representing a 33% increase[16] - R&D expenses for Q3 2025 were $2.7 million, up from $2.1 million in Q3 2024, primarily due to increased clinical trial activities[6] Cash and Assets - The company ended Q3 2025 with $19.4 million in cash, cash equivalents, and short-term investments, supporting operations into late 2027[4] - Kiora's total current assets decreased to $22.7 million as of September 30, 2025, from $29.7 million at the end of 2024[14] - Total liabilities decreased to $7.5 million as of September 30, 2025, compared to $10.7 million at the end of 2024[14] Collaborations and Trials - Kiora received $1.2 million in reimbursed R&D expenses from Théa for Q2 2025 activities and billed $1.5 million in Q3 2025, with $0.3 million received during the quarter[4] - The ABACUS-2 trial is focused on vision restoration in patients with retinitis pigmentosa, while KLARITY targets patients with inflammatory retinal diseases[2] - Kiora's collaboration with Théa and Senju is crucial for potential registration studies and global commercialization of KIO-301 and KIO-104[2] - The company has expanded patient screening and enrollment for the ABACUS-2 trial, including participants from a functional endpoint validation study[2] General and Administrative Expenses - Kiora maintains a stable G&A spend while increasing R&D investment, partially offset by reimbursements from strategic partners[5] Share Information - The weighted average shares outstanding (basic) increased to 4,289,853 for the three months ended September 30, 2025, compared to 4,214,950 in 2024[16] Interest Income - Interest income for the nine months ended September 30, 2025, was $703,692, a decrease from $813,989 in 2024[16] Fair Value Changes - The company reported a change in fair value of contingent consideration of $(1,721,033) for the three months ended September 30, 2025, compared to $(1,103,991) in 2024[16]