Kiora Pharmaceuticals Reports 2024 Results; Retinal Disease Drug Development Pipeline Continues to Advance; Cash and Short-Term Investments Expected to Fund Operations into 2027

Core Insights - Kiora Pharmaceuticals reported its 2024 financial results and provided updates on its retinal disease drug development pipeline, indicating a strong focus on advancing clinical trials and maintaining financial stability through 2027 [1][2]. Clinical Development - Kiora is preparing to initiate two Phase 2 clinical trials: KLARITY for KIO-104 targeting retinal inflammation and ABACUS-2 for KIO-301 focusing on advanced retinitis pigmentosa, with patient enrollment expected to begin soon [2][4]. - The KLARITY study aims to explore multiple doses of KIO-104 in patients with inflammatory retinal diseases, while ABACUS-2 will involve a 36-patient, multi-center, randomized, controlled study [2][4]. - The company emphasizes the importance of demonstrating functional vision improvement for regulatory approval and reimbursement, which will guide the refinement of clinical endpoints [3]. Financial Performance - Kiora ended 2024 with $26.8 million in cash, cash equivalents, and short-term investments, alongside $0.9 million in collaboration and tax receivables, providing a financial runway into 2027 [5][7]. - The company reported a net loss of $4.2 million for Q4 2024, compared to a net loss of $2.3 million in Q4 2023, but achieved a net income of $3.6 million for the full year 2024, a significant improvement from a net loss of $12.5 million in 2023 [8][19]. - Collaboration revenue from Laboratoires Théa contributed $16 million in 2024, which was a key factor in the positive financial turnaround [8][19]. Research and Development Expenses - R&D expenses for Q4 2024 were $1.9 million, up from $1.1 million in Q4 2023, reflecting increased activities related to KIO-301 and KIO-104 [9][10]. - Total R&D expenses for 2024 were $7.8 million, compared to $4.0 million in 2023, with expectations for further increases in 2025 due to patient enrollment costs for the KLARITY study [10]. General and Administrative Expenses - G&A expenses for Q4 2024 were $1.3 million, compared to $0.9 million in Q4 2023, and totaled $5.5 million for the full year 2024, up from $4.7 million in 2023 [11].