Kiora Pharmaceuticals (KPRX) investor relations material

Executive summary

• Advanced two lead retinal disease programs, KIO-301 and KIO-104, from regulatory clearance to active Phase 2 clinical trials, with patient dosing underway in both studies.

• Entered a strategic option agreement with Senju Pharmaceutical for KIO-301 in Asia, potentially worth up to $110 million plus royalties.

• Ended 2025 with $17.1 million in cash and equivalents, plus $3.5 million in receivables, supporting operations into late 2027.

• Demonstrated preclinical proof of concept for KIO-300 as an ion-channel modulator in epilepsy, indicating potential platform expansion.

Financial highlights

• Net loss of $6.5 million in Q4 2025, compared to $4.2 million in Q4 2024; full-year net loss of $10.8 million versus net income of $3.6 million in 2024, mainly due to a non-cash impairment charge and absence of prior year’s $16M collaboration revenue.

• R&D expenses for 2025 were $10.8 million before $7.1 million in reimbursable expenses, up from $7.8 million before $2.9 million reimbursed in 2024, driven by clinical trial activities.

• G&A expenses rose to $5.8 million in 2025 from $5.5 million in 2024, primarily due to personnel costs.

• Cash used in operating activities was $2.2 million in Q4 and $10.0 million for the year.

Outlook and guidance

• Existing cash, equivalents, and short-term investments expected to fund operations into late 2027, beyond anticipated topline data readouts for both Phase 2 trials.

• Initial data readout for KIO-301’s ABACUS-2 trial anticipated in Q3 2027; KLARITY trial for KIO-104 progressing with dose-expansion stage to follow.