KIORA PHARMACEUTICALS INC KPRX
We are a clinical-stage specialty pharmaceutical company developing and commercializing therapies for the treatment of retinal diseases.
We are developing KIO-301, with an initial focus on patients with later stages of vision loss due to retinitis pigmentosa (collectively including any and all sub-forms, "RP"). KIO-301 is a potential vision-restoring small molecule that acts as a "photoswitch" specifically created to restore vision in patients with inherited and age-related degenerative retinal diseases, including RP. We completed a Phase 1b clinical trial in September 2023 and presented topline results in November 2023 at the American Academy of Ophthalmology Annual Meeting. The full data package triggered multiple discussions with various potential pharmaceutical partners. After assessing available options, in January 2024, we partnered with Théa Open Innovation ("TOI"), a sister company of Laboratories Théa. In October 2024, we received regulatory approval to initiate a Phase 2 clinical trial to investigate KIO-301 in patients with retinitis pigmentosa. The ABACUS-2 trial is a 36 patient, multicenter, double-masked, randomized, controlled, multiple dose study enrolling patients with ultra-low vision or no light perception regardless of their underlying gene mutation associated with retinitis pigmentosa. Enrollment in the ABACUS-2 trial is currently ongoing. As KIO-301 and its sister molecules are ion channel modulators, the potential to treat other neurological diseases exists. KIO-301 (formerly known as B-203) was acquired through the Bayon Therapeutics, Inc. ("Bayon") transaction which closed October 21, 2021.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $16.0M | $0 | — | $0 | $12.1K | $2.7M | $1.7M | $407.5K | $669.3K |
| R&D | $10.8M | $7.8M | $4.0M | $3.4M | $5.4M | $3.6M | $5.4M | $8.1M | $10.3M | $8.4M |
| SG&A | $5.7M | $5.5M | $4.7M | $8.3M | $5.3M | $4.7M | $4.4M | $4.4M | $4.6M | $5.6M |
| Total operating expenses | $12.8M | $11.5M | $12.6M | $12.3M | $14.2M | $6.9M | $9.8M | $12.5M | $15.0M | $14.0M |
| Operating income | -$12.8M | $4.5M | -$12.6M | -$12.3M | -$14.2M | -$6.9M | — | -$10.8M | — | — |
| Interest expense | $20.0K | $21.4K | $11.1K | $8.6K | $6.9K | $4.2K | $325 | $1.0K | $1.2K | $275 |
| Pre-tax income | -$12.1M | $5.7M | -$12.4M | -$13.7M | -$14.0M | -$6.8M | -$7.0M | -$10.7M | -$14.6M | -$13.3M |
| Income tax | $1.3M | $2.1M | $90.3K | $113.0K | $192.6K | $12.1K | $95.4K | $86.0K | $1.3M | $0 |
| Net income | -$10.8K | $3.6K | -$12.5K | -$13.6M | -$13.8M | -$6.9M | -$7.1M | -$10.8M | -$13.2M | -$13.3M |
| EPS, basic | -2.60 | 0.93 | -24.25 | -18.55 | -57.12 | -1.49 | — | — | — | — |
| EPS, diluted | -2.64 | 0.87 | -24.25 | -18.55 | -57.12 | -1.49 | -2.23 | -4.57 | -0.93 | -1.51 |
| Shares, diluted (wtd. avg.) | 4.1M | 4.1M | 538,007 | 732,303 | 241,099 | 4.6M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.7M | $3.8M | $2.5M | $6.0M | $7.9M | $1.2M | $3.8M | $8.0M | $7.9M | $3.7M |
| Short-term investments | $8.4M | $23.0M | $0 | — | — | — | — | — | — | — |
| Receivables | $1.5M | $601.2K | $0 | — | — | — | — | — | — | — |
| Total current assets | $21.7M | $29.7M | $4.7M | $7.7M | $9.0M | $1.7M | $4.3M | $8.5M | $8.5M | $4.2M |
| Property, plant and equipment | $91.7K | $5.2K | $8.1K | $55.2K | $74.0K | $30.6K | $16.8K | $43.5K | $55.8K | $38.0K |
| Goodwill | — | — | — | $0 | $0 | $3.6M | $1.5M | $1.5M | $1.5M | — |
| Other intangibles | $2.1M | $6.7M | $8.8M | $10.7M | $10.8M | $9.7M | $4.1M | $4.2M | $3.9M | — |
| Total assets | $24.3M | $36.5M | $13.7M | $18.7M | $20.1M | $15.3M | $10.1M | $14.3M | $14.3M | $9.7M |
| Accounts payable | $1.1M | $415.6K | $206.3K | $1.0M | $160.6K | $434.8K | $210.3K | $63.7K | $706.1K | $1.4M |
| Total current liabilities | $3.6M | $6.0M | $1.6M | $3.3M | $1.6M | $2.0M | $1.4M | $3.9M | $14.8M | $7.3M |
| Long-term debt | — | — | — | — | — | $278.2K | $0 | — | — | — |
| Total liabilities | $8.1M | $10.7M | $7.6M | $7.3M | $5.6M | $5.6M | $3.5M | $5.3M | $16.2M | $10.1M |
| Retained earnings | -$154.2M | -$143.4M | -$147.0M | -$134.5M | -$120.9M | -$107.1M | -$100.2M | -$93.2M | -$91.8M | -$78.6M |
| Total equity | $16.1M | $25.8M | $6.1M | $11.4M | $14.6M | $9.7M | $6.6M | $8.9M | -$1.9M | -$329.4K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$10.0M | $8.6M | -$9.6M | -$10.4M | -$10.7M | -$7.3M | -$8.2M | -$10.8M | -$6.5M | -$8.4M |
| Depreciation and amortisation | $24.8K | $19.2K | $51.8K | $41.6K | $45.3K | $33.4K | $51.7K | $38.5K | $19.3K | $5.2K |
| Stock-based compensation | $900.2K | $656.6K | $754.9K | $462.4K | $842.5K | $723.9K | $852.2K | $875.3K | $870.3K | $511.0K |
| Capital expenditure | $110.8K | $6.3K | $0 | $0 | $63.9K | $20.1K | $0 | $20.0K | $37.0K | $0 |
| Investing cash flow | $14.4M | -$22.7M | $0 | $6.4K | -$157.0K | -$244.4K | $0 | -$270.0K | -$37.0K | $174.7K |
| Financing cash flow | $265.7K | $15.5M | $6.0M | $8.6M | $17.6M | $5.0M | $3.9M | $11.3M | $10.7M | $3.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001372514-26-000040.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $669.3K | $407.5K | $1.7M | $2.7M | $12.1K | $0 | — | $0 | $16.0M | $0 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$13.3M | -$13.2M | -$10.8M | -$7.1M | -$6.9M | -$13.8M | -$13.6M | -$12.5K | $3.6K | -$10.8K |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Material agreement signed Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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