Kiora Pharmaceuticals (KPRX) investor relations material

Executive summary

• Advanced two Phase 2 clinical trials: KLARITY for retinal inflammation and ABACUS-2 for vision restoration in retinitis pigmentosa, with lead candidates KIO-301 and KIO-104 in clinical development.

• KIO-301 received Orphan Drug Designation in the US and EU, and is in Phase 2 trials for retinitis pigmentosa, with all R&D expenses reimbursed by partner TOI.

• Entered a $16M global licensing deal (excluding Asia) with Théa Open Innovation (TOI) for KIO-301, with up to $285M in milestones and tiered royalties.

• Signed an exclusive option agreement with Senju for KIO-301 in Asia, receiving $1.25M upfront and potential for $109.5M in future payments plus royalties.

• Maintained a diversified pipeline targeting rare and common retinal diseases, expanding trial enrollment and geographic footprint.

Financial highlights

• Ended Q3 2025 with $19.4M in cash, cash equivalents, and short-term investments.

• Reported $16.0M in collaboration revenue for the nine months ended September 30, 2025, with Q3 2025 collaboration revenue also at $16M.

• Net loss of $4.3M for the nine months ended September 30, 2025, but reported net income of $27K for Q3 2025, reflecting favorable tax impacts and noncash gains.

• Operating expenses increased to $8.9M from $5.5M year-over-year, driven by higher R&D and G&A costs, with R&D expenses at $2.7M before $1.7M in reimbursements in Q3 2025.

• Received $1.2M in reimbursed R&D expenses from Théa and billed $1.5M for additional reimbursable R&D.

Outlook and guidance

• Sufficient cash and investments to fund planned operations into late 2027, with potential for further extension through partnership milestones.

• Anticipates continued operating losses as clinical development progresses and commercialization infrastructure is built.