Kiora Pharmaceuticals, Inc.

Kiora Pharmaceuticals, Inc. (KPRX) reported a net loss of $10.8 million for FY 2025 ending December 31, 2025, a reversal from the $3.6 million net income in FY 2024 driven by the $16 million upfront from TOI partnership. Total revenue was $0, with collaboration and grant revenue at $0. Key drivers of the loss included research and development expenses of $10.8 million, general and administrative expenses of $5.7 million, partially offset by collaboration credits of $7.1 million and a $4.6 million in-process R&D impairment. Total operating expenses were $12.8 million, resulting in an operating loss of $12.8 million before $714K other income net. Loss before tax was $12.1 million, with $1.3 million tax expense. Basic EPS was -$3 on 4.2 million weighted shares. Balance sheet: total assets $24.3 million, cash and equivalents $8.7 million, short-term investments $8.4 million, total liabilities $8.1 million, equity $16.1 million. Cash flows: operating -$10.0 million, investing +$14.4 million from marketable securities maturities, financing +$266K from warrant exercises, net cash increase $4.9 million. Forward-looking, Phase 2 trials for KIO-301 (ABACUS-2) and KIO-104 (KLARITY) ongoing, with TOI funding R&D costs and potential $285 million milestones, Senju option for Asia adding $1.25 million upfront and up to $109.5 million more.

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