Core Insights - Kiora Pharmaceuticals reported its second quarter 2024 financial results and provided updates on its retinal disease drug development pipeline, specifically focusing on two Phase 2 studies for KIO-301 and KIO-104 [3][4]. Financial Performance - The company ended the second quarter with $27.8 million in cash, cash equivalents, and short-term investments, along with an additional $3.7 million in near-term receivables from R&D reimbursements and tax credits, providing a runway into 2027 [3][11]. - Revenue for the second quarter was $20,000, attributed to a grant from the Choroideremia Research Foundation, compared to no revenue in the same quarter of 2023 [12]. - Kiora's net loss for the second quarter was $2.2 million, a decrease from a net loss of $2.6 million in the same period last year, primarily due to expense credits related to KIO-301 [15]. Drug Development Pipeline - KIO-301, a small molecule photoswitch for treating inherited retinal diseases, is advancing towards a Phase 2 trial (ABACUS-2) with a focus on refining approvable endpoints through interactions with the FDA and European regulators [5][6]. - KIO-104, aimed at treating multiple retinal inflammatory diseases, is set to initiate a Phase 2 trial (CLARITY) early next year, building on positive Phase 1b results [7][10]. - The company received Orphan Medicinal Product Designation from the European Medicines Agency for KIO-301 and reported significant functional MRI results from the ABACUS-1 trial [8][9]. Corporate Developments - Kiora promoted Melissa Tosca to Chief Financial Officer and appointed Lisa Walters-Hoffert as an independent board member [10]. - The company anticipates completing clinical validation of functional vision endpoints for KIO-301 and initiating the Phase 2 CLARITY study for KIO-104 in the second half of 2024 [10].
Kiora Pharmaceuticals Reports Second Quarter Results; Retinal Disease Drug Development Pipeline Advancing Toward Two Phase 2 Studies