Kiora Pharmaceuticals Reports No Revenue and $2.19 Million Net Loss for Q1 2025

Kiora Pharmaceuticals, Inc. reported significant financial changes in its quarterly filing for the period ending March 31, 2025. The company recorded no revenue for the quarter, a stark contrast to the $16 million in collaboration revenue reported for the same period in 2024. This decline is attributed to the absence of new collaboration agreements following the $16 million upfront payment received from Théa Open Innovation in January 2024, which was recognized in the previous fiscal year. The company’s operating expenses totaled $2.33 million, down from $2.78 million in the prior year, primarily due to a reduction in collaboration and research credits.

Kiora's net loss for the first quarter of 2025 was $2.19 million, compared to a net income of $13.45 million in the same quarter of 2024. The previous year's income was bolstered by the collaboration revenue, while the current loss reflects increased research and development expenses, which rose to $2.53 million from $1.68 million year-over-year. The increase in R&D expenses is linked to ongoing clinical trials and preclinical activities for its product candidates, particularly KIO-301 and KIO-104.

In terms of operational developments, Kiora continues to advance its clinical programs. The company is preparing to initiate a Phase 2 clinical trial for KIO-301, aimed at treating retinitis pigmentosa, with enrollment expected to begin in the second quarter of 2025. Additionally, Kiora is planning to develop KIO-104 for retinal inflammatory diseases, with a Phase 2 trial also anticipated to start in the same timeframe. The company has maintained a focus on its strategic partnership with Théa, which includes potential milestone payments and royalties based on future sales.

As of March 31, 2025, Kiora reported total assets of approximately $34 million, down from $36.5 million at the end of 2024. The company had cash and cash equivalents of $3.77 million and short-term investments of $20.33 million. Kiora's accumulated deficit increased to $145.58 million, reflecting its ongoing investment in R&D and operational costs. The company anticipates that its current cash position will be sufficient to fund operations into late 2027, although it acknowledges the need for additional financing to support future growth and product commercialization.

Looking ahead, Kiora Pharmaceuticals is focused on securing additional funding through various means, including equity sales, debt financing, and potential collaborations. The company recognizes the challenges of raising capital and the impact it may have on its ability to execute its business strategy. Despite the current financial losses, Kiora remains committed to advancing its product pipeline and achieving regulatory approvals for its therapies.