Aug 7, 2026, 7:03 AM ETHealthcare

Kiora Pharmaceuticals — Second Quarter 2026 Earnings Summary

KPRXKIORA PHARMACEUTICALS INC

Financial Performance

Net loss for the second quarter of 2026 was approximately $2.1 million, compared to a net loss of $2.2 million for the second quarter of 2025.
Research and development expenses were approximately $2.1 million for the second quarter of 2026, before recognizing $1.3 million in reimbursable expenses from Théa, compared to $2.6 million before recognizing $1.7 million in reimbursable expenses for the second quarter of 2025.
General and administrative expenses remained consistent at approximately $1.4 million in the second quarter of 2026 and 2025.
Cash and short-term investments ended the quarter at approximately $16.8 million, an increase from $13.9 million at March 31, 2026.
The company recorded approximately $1.1 million in collaboration receivables and $1.8 million in tax and other receivables as of June 30, 2026.
Total current assets were $21.3 million as of June 30, 2026, compared to $21.7 million as of December 31, 2025.
Total liabilities decreased to $6.9 million as of June 30, 2026, from $8.1 million as of December 31, 2025.
Stockholders' equity increased to $16.9 million as of June 30, 2026, from $16.1 million as of December 31, 2025.
Net loss per common share (basic and diluted) was $0.34 for the second quarter of 2026, compared to $0.54 for the same period in 2025.

The company expects its current resources to fund operations into late 2028.
Kiora expects the last patient, first visit for the ABACUS-2 trial in the first quarter of 2027, with topline data expected in the third quarter of 2027.
Initial clinical data for the KLARITY trial of KIO-104 is expected to be reported in late 2026.
The company is evaluating potential strategic transactions that could diversify and expand its development pipeline, with a target to complete a transaction by early next year to satisfy a warrant acceleration milestone provision.

KIO-301: Advanced enrollment in the Phase 2 ABACUS-2 clinical trial into the higher-dose cohort (100 µg). This is a randomized, double-masked, controlled trial evaluating the molecular photoswitch in patients with late-stage retinitis pigmentosa. Development costs for ABACUS-2 are fully reimbursed by Théa Open Innovation, which holds exclusive rights to develop and commercialize KIO-301 in the U.S., Europe, and other select countries outside Asia. Kiora holds an option agreement with Senju for Japan, China, and other select Asian countries and is evaluating a commercial partner for South Korea.
KIO-104: Continued enrollment in the higher-dose cohort of the Phase 2 KLARITY clinical trial evaluating the non-steroidal DHODH inhibitor in patients with macular edema due to retinal inflammation. The drug has been well tolerated based on safety information available to date.

Patient demand for the ABACUS-2 trial remains high.
Kiora believes its current and potential regional partners could support planning for a coordinated global Phase 3 registration study for KIO-301, subject to regulatory feedback.

Forward-looking statements involve risks including the ability to conduct and complete clinical trials on a timely basis, obtain regulatory or marketing approvals, successfully develop or commercialize product candidates, and complete potential strategic transactions on anticipated terms or timelines.
Actual results may differ materially from forward-looking statements due to market, operational, and regulatory conditions.

Brian Strem, President and CEO, stated that patient demand for ABACUS-2 remains high and noted that an independent safety review will be conducted after treating the first few patients in the higher-dose cohort.
Melissa Tosca, CFO, emphasized the efficient allocation of capital toward ongoing clinical trials and noted that all KIO-301 R&D expenses for ABACUS-2 are reimbursed under the collaboration with Théa.
Management indicated they are pursuing business activities, including identifying select personnel, to prepare for operating capabilities needed following a potential strategic transaction.

The company secured a private placement for up to $24.0 million in gross proceeds, including $5.0 million received upfront, with remaining proceeds contingent on the exercise of near-term milestone-based warrants.
The increase in cash and short-term investments primarily reflected proceeds from the strategic equity financing completed during the quarter, partially offset by cash used in operations.
The company is planning for a potential commercial partner for South Korea for KIO-301.
A transaction completed by early next year could satisfy a warrant acceleration milestone provision from the recent private placement, potentially providing additional capital if warrants are exercised.