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

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Kiora Pharmaceuticals (NASDAQ: KPRX) reported its 2024 financial results and pipeline updates for retinal disease treatments. The company secured approvals for two Phase 2 trials: KLARITY (KIO-104 for retinal inflammation) and ABACUS-2 (KIO-301 for retinitis pigmentosa), with data expected in 2026.

Financial highlights include $26.8 million in cash and investments, plus $0.9 million in receivables, providing runway into 2027. The company reported net income of $3.6 million for 2024, compared to a $12.5 million loss in 2023, primarily due to $16 million in collaboration revenue from Laboratoires Théa.

R&D expenses reached $7.8 million in 2024, offset by $2.9 million in reimbursements from Théa. G&A expenses were $5.5 million, expected to remain consistent in 2025.

Kiora Pharmaceuticals (NASDAQ: KPRX) ha riportato i risultati finanziari per il 2024 e aggiornamenti sulla pipeline per i trattamenti delle malattie retiniche. L'azienda ha ottenuto approvazioni per due studi di Fase 2: KLARITY (KIO-104 per l'infiammazione retinica) e ABACUS-2 (KIO-301 per la retinite pigmentosa), con dati attesi nel 2026.

I punti salienti finanziari includono 26,8 milioni di dollari in contanti e investimenti, oltre a 0,9 milioni di dollari in crediti, garantendo la liquidità fino al 2027. L'azienda ha riportato un reddito netto di 3,6 milioni di dollari per il 2024, rispetto a una perdita di 12,5 milioni di dollari nel 2023, principalmente a causa di 16 milioni di dollari di entrate da collaborazioni con Laboratoires Théa.

Le spese per R&S hanno raggiunto 7,8 milioni di dollari nel 2024, compensate da 2,9 milioni di dollari di rimborsi da Théa. Le spese generali e amministrative sono state di 5,5 milioni di dollari, e si prevede che rimangano costanti nel 2025.

Kiora Pharmaceuticals (NASDAQ: KPRX) informó sus resultados financieros de 2024 y actualizaciones sobre su pipeline para tratamientos de enfermedades retinianas. La compañía obtuvo aprobaciones para dos ensayos de Fase 2: KLARITY (KIO-104 para la inflamación retinal) y ABACUS-2 (KIO-301 para la retinitis pigmentosa), con datos esperados para 2026.

Los aspectos financieros destacados incluyen 26.8 millones de dólares en efectivo e inversiones, más 0.9 millones de dólares en cuentas por cobrar, lo que proporciona liquidez hasta 2027. La compañía reportó un ingreso neto de 3.6 millones de dólares para 2024, en comparación con una pérdida de 12.5 millones de dólares en 2023, principalmente debido a 16 millones de dólares en ingresos por colaboración con Laboratoires Théa.

Los gastos de I+D alcanzaron 7.8 millones de dólares en 2024, compensados por 2.9 millones de dólares en reembolsos de Théa. Los gastos generales y administrativos fueron de 5.5 millones de dólares, y se espera que se mantengan constantes en 2025.

키오라 제약 (NASDAQ: KPRX)은 2024년 재무 결과와 망막 질환 치료를 위한 파이프라인 업데이트를 보고했습니다. 이 회사는 두 개의 2상 시험에 대한 승인을 받았습니다: KLARITY (망막 염증을 위한 KIO-104)와 ABACUS-2 (망막 색소 변성증을 위한 KIO-301)로, 데이터는 2026년에 예상됩니다.

재무 하이라이트에는 2,680만 달러의 현금 및 투자, 그리고 90만 달러의 미수금이 포함되어 있으며, 2027년까지의 운영 자금을 제공합니다. 이 회사는 2024년에 360만 달러의 순이익을 보고했으며, 이는 2023년의 1,250만 달러 손실에 비해 개선된 수치로, 주로 Laboratoires Théa로부터의 1,600만 달러의 협력 수익 때문입니다.

연구개발 비용은 2024년에 780만 달러에 달했으며, Théa로부터의 290만 달러의 환급으로 상쇄되었습니다. 일반 관리 비용은 550만 달러였으며, 2025년에도 일관되게 유지될 것으로 예상됩니다.

Kiora Pharmaceuticals (NASDAQ: KPRX) a publié ses résultats financiers pour 2024 et des mises à jour sur son pipeline pour les traitements des maladies rétiniennes. L'entreprise a obtenu des approbations pour deux essais de phase 2 : KLARITY (KIO-104 pour l'inflammation rétinienne) et ABACUS-2 (KIO-301 pour la rétinite pigmentaire), avec des données attendues en 2026.

Les points saillants financiers incluent 26,8 millions de dollars en liquidités et investissements, ainsi que 0,9 million de dollars en créances, offrant une marge de manœuvre jusqu'en 2027. L'entreprise a déclaré un revenu net de 3,6 millions de dollars pour 2024, comparé à une perte de 12,5 millions de dollars en 2023, principalement en raison de 16 millions de dollars de revenus de collaboration avec Laboratoires Théa.

Les dépenses de R&D ont atteint 7,8 millions de dollars en 2024, compensées par 2,9 millions de dollars de remboursements de Théa. Les dépenses générales et administratives se sont élevées à 5,5 millions de dollars, et devraient rester constantes en 2025.

Kiora Pharmaceuticals (NASDAQ: KPRX) hat seine finanziellen Ergebnisse für 2024 und Aktualisierungen der Pipeline für Behandlungen von Netzhauterkrankungen veröffentlicht. Das Unternehmen hat Genehmigungen für zwei Phase-2-Studien erhalten: KLARITY (KIO-104 gegen Netzhautentzündung) und ABACUS-2 (KIO-301 gegen retinitis pigmentosa), wobei Daten für 2026 erwartet werden.

Zu den finanziellen Highlights gehören 26,8 Millionen Dollar in Bar- und Investitionsmitteln sowie 0,9 Millionen Dollar an Forderungen, was bis 2027 Liquidität gewährleistet. Das Unternehmen berichtete für 2024 von einem Nettogewinn von 3,6 Millionen Dollar, im Vergleich zu einem Verlust von 12,5 Millionen Dollar im Jahr 2023, hauptsächlich aufgrund von 16 Millionen Dollar an Zusammenarbeitseinnahmen von Laboratoires Théa.

Die F&E-Ausgaben beliefen sich 2024 auf 7,8 Millionen Dollar, die durch 2,9 Millionen Dollar an Rückerstattungen von Théa ausgeglichen wurden. Die allgemeinen und administrativen Ausgaben lagen bei 5,5 Millionen Dollar und werden voraussichtlich auch 2025 konstant bleiben.

Positive
  • Net income of $3.6M in 2024, reversing previous year's loss
  • $16M collaboration revenue from Laboratoires Théa partnership
  • Strong cash position of $26.8M providing runway into 2027
  • Full R&D expense reimbursement for KIO-301 from Théa partnership
Negative
  • R&D expenses increased to $7.8M in 2024 from $4.0M in 2023
  • G&A expenses rose to $5.5M from $4.7M in previous year
  • Net loss of $4.2M in Q4 2024, increased from $2.3M in Q4 2023

Insights

Kiora's 2024 results reflect substantial progress for this small-cap ophthalmology biotech, with the company transitioning from a $12.5M loss in 2023 to $3.6M net income in 2024. This positive shift stems primarily from their strategic collaboration with Laboratoires Théa, which generated $16M in collaboration revenue.

The company has secured regulatory approvals to advance both lead candidates into Phase 2 trials - KIO-104 for retinal inflammation and KIO-301 for retinitis pigmentosa. What's particularly notable is their financial runway, with $26.8M cash plus $0.9M in receivables expected to fund operations into 2027 - extending well beyond the anticipated 2026 data readouts.

The Théa partnership significantly de-risks KIO-301's development through full R&D expense reimbursement, allowing Kiora to simultaneously advance KIO-104 without diluting shareholders. This capital-efficient model is uncommon among clinical-stage biotechs of this size.

While R&D expenses increased from $4.0M in 2023 to $7.8M in 2024 (before $2.9M in reimbursements), this reflects appropriate investment in pipeline advancement rather than concerning cash burn. Management has clearly articulated their clinical strategy, focusing on developing validated endpoints that would support potential Phase 3 registration studies.

For a company with $10M market cap, having two Phase 2 assets with a well-funded runway through data inflection points represents significant potential upside if either program shows positive signals.

Kiora's clinical strategy shows methodical advancement of two complementary retinal disease programs. The KLARITY trial for KIO-104 addresses a significant unmet need in retinal inflammation by potentially offering an alternative to chronic steroids and systemic anti-inflammatories, both associated with concerning side effect profiles.

The company's approach with ABACUS-2 for KIO-301 in retinitis pigmentosa demonstrates clinical sophistication. Rather than rushing into Phase 2, they're conducting preliminary endpoint validation work - a crucial step when dealing with patients having minimal to no vision. Their focus on functional vision improvements aligns precisely with regulatory and reimbursement requirements.

Their collaboration with Théa provides not just financial backing but also validation from an established ophthalmic player. This partnership structure - full R&D reimbursement rather than just milestone payments - offers unusually strong support.

The expected 2026 data readouts place Kiora in an optimal timeline window. The retinal disease space has seen increasing acquisition interest from larger pharma companies seeking to bolster ophthalmology portfolios. Companies with Phase 2 data in hand typically command significant valuation premiums in partnership or acquisition scenarios.

The extended cash runway is particularly valuable as it eliminates financing pressure during the critical clinical data gathering phase. This freedom from capital constraints allows management to focus exclusively on trial execution and potentially strengthens their position in any future partnership discussions.

Encinitas, California--(Newsfile Corp. - March 25, 2025) - Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) ("Kiora" or the "Company") today announced its 2024 financial results and provided an update on its pipeline of therapeutics for the treatment of retinal diseases.

Key fourth quarter and 2025 year-to-date corporate highlights include:

  • Received approval to initiate KLARITY, a Phase 2 trial of KIO-104 for the treatment retinal inflammation.
  • Received approval to initiate ABACUS-2, a Phase 2 study of KIO-301 in retinitis pigmentosa (RP) in collaboration with Théa Open Innovation (Laboratoires Théa).
  • Received $3.3 million in reimbursed R&D expenses in 2024 from Laboratoires Théa for development activities related to KIO-301, of which $2.9 million was recognized in offsetting collaboration credits.
  • Ended the year with $26.8 million in cash, cash equivalents and short-term investments plus $0.9 million in collaboration and tax receivables.
  • Expected runway into 2027, excluding any potential partnership milestones, beyond the data readouts from KLARITY and ABACUS-2 expected in 2026.

"In 2024, our team undertook extensive preparations to initiate two Phase 2 clinical trials that have received approval and will begin enrolling patients in the coming months," said Brian M. Strem, Ph.D., President & Chief Executive Officer of Kiora. "The KLARITY study will evaluate KIO-104 in patients with retinal inflammation and ABACUS-2 will evaluate KIO-301 in patients with advanced retinitis pigmentosa. Getting these studies underway are our two greatest priorities for this year with data expected from both in 2026."

"For KIO-301, we received approval in the fourth quarter to initiate ABACUS-2, a 36-patient, multi-center, double-masked, randomized, controlled, multi-dose study in patients with ultra-low vision or no light perception due to retinitis pigmentosa. Dosing of the first patient will begin this year following the completion of an ongoing clinical endpoint validation study. We anticipate that the patients we've enrolled already for this validation work meet enrollment criteria and will participate in ABACUS-2.

"Following interactions with the FDA and European regulators, retinal specialists, and patient advocacy groups, it's clear that demonstrating improvement in functional vision is essential for marketing authorization as well as reimbursement. This underscores the importance of the investment in time that we are making to refine the clinical endpoints that can measure clinically meaningful improvement in patients with no vision or bare light perception. This will increase our confidence in the data we generate from ABACUS-2 as this same endpoint would likely serve as the primary endpoint for a Phase 3 registration study.

"Our other active program is KIO-104, a potent, locally delivered small molecule that we are developing to treat inflammatory retinal diseases. The goal is to offer patients and providers an alternative to chronic steroid use or systemic anti-inflammatory drugs, both of which often lead to complications. Following a previously successful first-in-man study, and recent approval to initiate KLARITY, we anticipate dosing our first patient in the second quarter of this year. This Phase 2 clinical trial will explore multiple doses of KIO-104 in patients with inflammatory retinal diseases, including posterior non-infectious uveitis, diabetic macular edema and others. Findings in the first part of the study will inform a dose expansion part two of the study in one or more specific indications."

Kiora's Chief Financial Officer, Melissa Tosca, added, "We ended the year with a runway into 2027, beyond the anticipated 2026 readouts for the KLARITY and ABACUS-2 trials. Our partnership around KIO-301 with Laboratoires Théa, who reimburses us fully for research and development expenses of KIO-301, frees up capital to develop a second promising candidate in KIO-104, and advance both compounds to critical inflection points."

Fourth Quarter and Full Year Financial Highlights

Kiora ended 2024 with $26.8 million in cash, cash equivalents, and short-term investments. In addition, the Company recorded $0.6 million in collaboration receivables from Laboratoires Théa for reimbursed R&D expenses and $0.3 million R&D incentive tax credits.

Net loss was $4.2 million for the fourth quarter of 2024 compared to a net loss of $2.3 million for the fourth quarter of 2023. Net income for 2024 was $3.6 million compared to a net loss of $12.5 million in 2023. The change in income for the year is attributable to the recognition of $16 million in collaboration revenue from the strategic collaboration with Laboratoires Théa.

R&D expenses for the fourth quarter of 2024 were $1.9 million, before recognizing $0.7 million in reimbursed R&D expenses from Laboratoires Théa. This compares to R&D expenses of $1.1 million in the fourth quarter of 2023, during which time there were no partnership-related reimbursement credits.

R&D expenses for 2024 were $7.8 million, before recognizing $2.9 million in reimbursed R&D expenses from Laboratoires Théa. This compares to R&D expenses of $4.0 in 2023, during which time there were no partnership-related reimbursement credits.

The increase in R&D for the quarter and full year was primarily due to research activities related to KIO-301 and KIO-104. Kiora expects net R&D to increase in 2025 primarily due to costs related to patient enrollment in the KLARITY study.

G&A expenses for the fourth quarter of 2024 were $1.3 million, compared to $0.9 million in the fourth quarter of 2023. G&A expenses for 2024 were $5.5 million compared to $4.7 million in 2023. G&A expenses in 2025 are expected to remain consistent with expenses from 2024.

About Kiora Pharmaceuticals

Kiora Pharmaceuticals is a clinical-stage biotechnology company developing advanced therapies for retinal disease. We target critical pathways underlying retinal diseases using innovative small molecules to slow, stop, or restore vision loss. KIO-301 is being developed for the treatment of retinitis pigmentosa, choroideremia, and Stargardt disease. It is a molecular photoswitch that has the potential to restore vision in patients with inherited and/or age-related retinal degeneration. KIO-104 is being developed for the treatment of retinal inflammation. It is a next-generation, non-steroidal, immuno-modulatory, and small-molecule inhibitor of dihydroorotate dehydrogenase (DHODH).

In addition to news releases and SEC filings, we expect to post information on our website, www.kiorapharma.com, and social media accounts that could be relevant to investors. We encourage investors to follow us on X and LinkedIn as well as to visit our website and/or subscribe to email alerts.

Forward-Looking Statements

Some of the statements in this press release are "forward-looking" and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements include statements relating to, among other things, Kiora's ability to execute on development and commercialization efforts and other regulatory or marketing approval efforts pertaining to Kiora's development-stage products, including KIO-104 and KIO-301, as well as the success thereof, with such approvals or success may not be obtained or achieved on a timely basis or at all, the sufficiency of existing cash and short-term investments on hand to fund operations for specific periods, the ability to timely complete planned initiatives for 2025, including Phase 2 clinical development of KIO-301 and KIO-104, the completion of enrollment and the timing of topline results from the ABACUS-2 Phase 2 trial, the potential for KIO-301 to be the first treatment options for patients with inherited degenerative diseases like RP, the potential for KIO-104 to reduce inflammation, the timing of topline results from the Phase 2 KLARITY trial of KIO-104, the potential for KIO-104 to apply to other retinal inflammatory diseases, and expected trends for research and development and general and administrative spending in 2025. These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release, including, among other things, the ability to conduct clinical trials on a timely basis, market and other conditions and certain risk factors described under the heading "Risk Factors" contained in Kiora's Annual Report on Form 10-K filed with the SEC on March 25, 2025 or described in Kiora's other public filings. Kiora's results may also be affected by factors of which Kiora is not currently aware. The forward-looking statements in this press release speak only as of the date of this press release. Kiora expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions, or circumstances on which any such statement is based, except as required by law.

Contacts:

Investors
Investors@kiorapharma.com

KIORA PHARMACEUTICALS, INC.
CONSOLIDATED BALANCE SHEETS



December 31,


2024

2023
ASSETS





Current Assets:





Cash and Cash Equivalents$3,792,322
$2,454,684
Short-Term Investments
22,999,760

-
Prepaid Expenses and Other Current Assets
2,042,487

233,382
Collaboration Receivables
601,197

-
Tax Receivables
270,246

2,049,965
Total Current Assets
29,706,012

4,738,031
Non-Current Assets:
 

 
Property and Equipment, Net
5,232

8,065
Restricted Cash
4,057

4,267
Intangible Assets and In-Process R&D, Net
6,687,100

8,813,850
Operating Lease Assets with Right-of-Use
57,170

106,890
Other Assets
24,913

40,767
Total Assets$36,484,484
$13,711,870
LIABILITIES AND STOCKHOLDERS' EQUITY
 

 
Current Liabilities:
 

 
Accounts Payable$415,590
$206,260
Accrued Expenses
4,588,657

1,380,666
Accrued Collaboration Credit
981,111

-
Operating Lease Liabilities
23,355

47,069
Total Current Liabilities
6,008,713

1,633,995
Non-Current Liabilities:
 

 
Contingent Consideration
4,191,490

5,128,959
Deferred Tax Liability
490,690

779,440
Non-Current Operating Lease Liabilities
33,815

59,822
Total Non-Current Liabilities
4,715,995

5,968,221
Total Liabilities
10,724,708

7,602,216


 

 
Commitments and Contingencies (Note 12)
 

 


 

 
Stockholders' Equity:
 

 
Preferred Stock, $0.01 Par Value: 10,000,000 shares authorized at December 31, 2024

4

4
and 2023; 3,750 designated Series A, 0 shares issued and outstanding at
December 31, 2024 and 2023; 10,000 designated Series B, 0 shares issued and
outstanding at December 31, 2024 and 2023; 10,000 shares designated Series C, 0
shares issued and outstanding at December 31, 2024 and 2023; 20,000 shares
designated Series D, 7 shares issued and outstanding at December 31, 2024 and
2023; 1,280 shares designated Series E, 0 shares issued and outstanding at
December 31, 2024 and 2023; 3,908 shares designated Series F, 420 shares issued
and outstanding at December 31, 2024 and 2023
Common Stock, $0.01 Par Value: 150,000,000 and 50,000,000 shares authorized at

267,679

77,078
December 31, 2024 and 2023, respectively; 3,000,788 and 856,182 shares issued and
outstanding at December 31, 2024 and 2023, respectively
Additional Paid-In Capital
169,156,374

153,192,228
Accumulated Deficit
(143,382,122)

(146,976,855)
Accumulated Other Comprehensive Loss
(282,159)

(182,801)
Total Stockholders' Equity
25,759,776

6,109,654
Total Liabilities and Stockholders' Equity$36,484,484
$13,711,870

 

KIORA PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)



Year Ended December 31,


2024

2023
Revenue:





Collaboration Revenue$16,000,000
$-
Grant Revenue
20,000

-
Total Revenue
16,020,000

-
Operating Expenses:
 

 
General and Administrative$5,542,324
$4,663,146
Research and Development
7,842,207

4,027,037
Collaboration Credit
(2,945,350)
-
In-Process R&D Impairment
2,008,000

1,904,314
Change in Fair Value of Contingent Consideration
(937,469)
1,992,399
Total Operating Expenses
11,509,712

12,586,896
Operating Income (Loss) Before Other Income
4,510,288

(12,586,896)
Other Income (Expense), Net:
 

 
Impairment of Intangible Assets
(104,167)
-
Loss on Disposal of Fixed Assets
(3,859)
(28,379)
Interest Income
1,252,849

173,989
Interest Expense
(21,446)
(11,132)
Other Income, Net
26,073

28,841
Total Other Income, Net
1,149,450

163,319
Income (Loss) Before Income Tax Expense
5,659,738

(12,423,577)
Income Tax Expense
(2,065,005)
(90,319)
Net Income (Loss)
3,594,733

(12,513,896)
Deemed Dividends from Warrant Reset Provision
-

(530,985)
Net Income (Loss) Attributable to Common Shareholders$3,594,733
$(13,044,881)
Net Income (Loss) per Common Share - Basic$0.93
$(24.25)
Weighted Average Shares Outstanding - Basic
3,872,644

538,007
Net Income (Loss) per Common Share - Diluted$0.87
$(24.25)
Weighted Average Shares Outstanding - Diluted
4,125,075

538,007


 

 
Other Comprehensive Income (Loss):
 

 
Net Income (Loss)$3,594,733
$(12,513,896)
Unrealized Gain on Marketable Securities
29,719

-
Foreign Currency Translation Adjustments
(129,077)
(60)
Comprehensive Income (Loss)$3,495,375
$(12,513,956)

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/245802

FAQ

What are the key Phase 2 trials KPRX is initiating in 2025?

KPRX is initiating KLARITY trial for KIO-104 (retinal inflammation) and ABACUS-2 for KIO-301 (retinitis pigmentosa), with data expected in 2026.

How much cash does KPRX have and how long will it last?

KPRX has $26.8M in cash/investments plus $0.9M in receivables, expected to fund operations into 2027.

What was KPRX's financial performance in 2024?

KPRX reported net income of $3.6M in 2024, compared to $12.5M loss in 2023, driven by $16M collaboration revenue from Théa.

How much did KPRX spend on R&D in 2024?

R&D expenses were $7.8M in 2024, with $2.9M reimbursed by Théa partnership.
KIORA PHARMACEUTICALS INC

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