Kiora Pharmaceuticals Reports First Quarter Results; Initiating Two Phase 2 Trials for Treatment of Retinal Diseases; Cash and Short-term Investments Expected to Fund Operations into Late 2027

Core Insights - Kiora Pharmaceuticals reported its first quarter 2025 financial results and announced the initiation of two Phase 2 clinical trials for retinal diseases, with sufficient cash to fund operations into late 2027 [1][2][4] Financial Highlights - The company ended Q1 2025 with $24.1 million in cash, cash equivalents, and short-term investments, alongside $2.0 million in collaboration receivables and tax credits [4][6] - Kiora reported a net loss of $2.2 million for Q1 2025, a significant decrease from a net income of $13.4 million in Q1 2024, primarily due to a $16 million upfront payment recognized as collaboration revenue in the previous year [7] - Research and development (R&D) expenses for Q1 2025 were $2.5 million, up from $1.7 million in Q1 2024, driven by clinical trial activities [8] - General and administrative (G&A) expenses increased to $1.5 million in Q1 2025 from $1.3 million in Q1 2024 [9] Clinical Development Updates - Kiora is preparing to initiate enrollment in two Phase 2 clinical trials: the KLARITY study for KIO-104 targeting retinal inflammation and the ABACUS-2 study for KIO-301 focusing on retinitis pigmentosa [2][4] - The ABACUS-2 trial will involve 36 patients with ultra-low vision or no light perception due to retinitis pigmentosa, with a focus on demonstrating improvements in functional vision [3][4] - KIO-104 is a small molecule DHODH inhibitor aimed at treating inflammatory retinal diseases, with the first patient expected to be enrolled in Q2 2025 [5] Cash Management and Future Outlook - The company has extended its cash runway into late 2027, which is expected to cover anticipated data readouts for the KLARITY and ABACUS-2 trials [4][5] - Kiora has received $1.8 million in reimbursed R&D expenses from Laboratoires Théa, contributing to its financial stability [4][6]