KPRX Stock — Kiora Pharmaceuticals Inc.: Cash, EV, Pipeline

What they do

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").

Source: 10-K FY2025 via SEC EDGAR

Share price

$1.43

Market cap

$6.3M

Cash

$16.8M

Enterprise value

-$10.5M

Balance sheet

Cash	$16.8M
Debt	$0.0M
Net cash	$16.8M
Enterprise value	-$10.5M
Basic shares	4.4M shares
Fully diluted shares	23.1M shares
Fully diluted market cap	$33.0M
Cash per share	$3.81
Quarterly burn	$1.9M
Cash runway	8.9 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-10.

Share structure

Common

4.4M

Pre-funded warrants

1.9M

Options

0.7M

RSUs

0.1M

Warrants

15.9M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

23.1M

Cap table as of 2026-06-30.

Price history

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Next catalyst

KIO-104 · Dec 13, 2026 - Jan 24, 2027 in 5 wks · Phase 2 · Macular Edema

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Dec 13, 2026 - Jan 24, 2027 in 5 wks	KIO-104	Phase 2	Macular Edema	late 2026 Est. Nov 11, 2026 · guidance midpoint
Sep 12 - Oct 24 in 10 mo	100 μg KIO-301	Phase 2	Retinitis Pigmentosa	Q3 2027 Est. Aug 15, 2027 · quarter midpoint

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

KIO-301

Phase 2 · Active Modality: small molecule photoswitch

Aliases B-203

Target potassium and hyperpolarization-activated, cyclic nucleotide-gated voltage-gated ion channels

Partnerships Théa Open Innovation, TOI (sister company of Laboratories Théa; license agreement January 2024, $16M upfront; all KIO-301 expenses reimbursed); Choroideremia Research Foundation (MOU supporting KIO-301 development in choroideremia)

Indications

retinitis pigmentosa (vision restoration) (Stage not disclosed)
choroideremia (potential) (Stage not disclosed)

Status note Small-molecule photoswitch designed to restore vision in inherited and age-related degenerative retinal diseases. ABACUS-2 Phase 2 study in retinitis pigmentosa ongoing.

KIO-104

Phase 2 · Active Modality: small molecule

Aliases PP-001

Target dihydroorotate dehydrogenase (DHODH)

Indications

diabetic macular edema (Stage not disclosed)
posterior non-infectious uveitis (Stage not disclosed)
retinal inflammation (Stage not disclosed)

Status note Non-steroidal small-molecule DHODH inhibitor formulated for intravitreal delivery. Acquired via the Panoptes Pharma acquisition.

KIO-101

Phase 1 · Active Modality: ophthalmic topical eye drop

Target dihydroorotate dehydrogenase (DHODH)

Partnerships Seeking strategic partner (filing-stated)

Indications

not disclosed (Stage not disclosed)

Status note Uses the same active compound as KIO-104 formulated as a topical eye drop. Development paused; asset available for partnership.

Per-asset detail extracted from the 10-Q filed 2026-08-07. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	KIO-104
Lead indication	Macular Edema
Lead phase	Phase 2
Active trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06825702	Phase 2	Recruiting	Sponsor	KPRX	—	Macular Edema	late 2026 Est. Nov 11, 2026 · guidance midpoint
NCT06628947	Phase 2	Recruiting	Sponsor	KPRX	—	Retinitis Pigmentosa	Q3 2027 Est. Aug 15, 2027 · quarter midpoint

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 2 active trials for Kiora Pharmaceuticals, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Perceptive Advisors	438,471	+438,471	0.02%	2026-08-14
ADAR1 Capital Management	167,941	no change	0.02%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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KPRX — Kiora Pharmaceuticals Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

KPRX — Kiora Pharmaceuticals Inc.