0001372514-26-000024
SEC filingKiora 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.
Kiora Pharmaceuticals reported FY2025 net loss of $10.8 million, or -$3 per basic share on 4.2 million shares, versus $3.6 million net income in FY2024. Revenue was $0, matching prior expectations for pre-commercial biotech. Operating loss widened to $12.8 million from elevated R&D at $10.8 million and G&A $5.7 million, offset by $7.1 million collaboration credits. Other income net $714K included $894K interest income. Tax expense $1.3 million contributed to the loss. Comprehensive loss $10.8 million. Balance sheet strengthened to $24.3 million total assets, equity $16.1 million despite $154.2 million accumulated deficit.
No product revenue generated. Collaboration revenue $0 and grant revenue $0 for FY2025. Prior TOI partnership provided $16 million upfront in 2024, recognized then. Deferred collaboration revenue $1.2 million non-current reflects future recognition. Senju option yielded $1.25 million non-refundable in May 2025, classified long-term. No geographic or segment revenue breakdown as single operating segment with no sales.
Not applicable due to $0 revenue. Operating loss $12.8 million reflects high R&D intensity at 84% of op ex, G&A 45%. $4.6 million in-process R&D impairment and -$1.3 million contingent consideration change impacted profitability. Stock-based comp $900K added to expenses. No gross margin calculable.
Operating cash used $10.0 million, adjusted for non-cash items like $4.6 million impairment, $900K stock comp, and working capital changes including +$1.5 million tax receivables. Investing provided $14.4 million net from $22.4 million maturities offset by $8.2 million purchases. Financing $266K from warrants; line of credit $2.8 million proceeds/repayments net zero. Net cash increase $4.9 million to $8.7 million cash, plus $8.4 million short-term investments. Total liquidity ~$17.1 million supports runway. Liabilities $8.1 million, contingent consideration $2.9 million.
Expect continued operating losses funding Phase 2 trials for KIO-301 (ABACUS-2 enrolling, TOI covers R&D costs) and KIO-104 (KLARITY dosing Q3 2025). Pursue KIO-101 partnerships. Need additional financing via equity/debt or milestones (TOI up to $285 million, Senju up to $109.5 million if exercised). Risks include clinical success, regulatory approvals, funding availability. Single segment focus on retinal therapies.