Kiora Pharmaceuticals, Inc. (KPRX): Business Model Canvas

Im dynamischen Bereich der Biotechnologie erweist sich Kiora Pharmaceuticals, Inc. (KPRX) als Pionier in der Entwicklung von Augenmedikamenten und steuert strategisch die komplexe Landschaft der Behandlung von Netzhauterkrankungen. Durch die Nutzung modernster Forschung, strategischer Partnerschaften und eines innovativen Geschäftsmodells ist dieses spezialisierte Pharmaunternehmen in der Lage, die ophthalmologische Versorgung durch Präzisionsmedizin und bahnbrechende Therapien zu verändern, die kritische, ungedeckte medizinische Bedürfnisse im Bereich der Sehgesundheit erfüllen.

Kiora Pharmaceuticals, Inc. (KPRX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit akademischen Forschungseinrichtungen

Seit 2024 hat Kiora Pharmaceuticals Forschungspartnerschaften mit den folgenden akademischen Institutionen aufgebaut:

Institution	Forschungsschwerpunkt	Kooperationsstatus
Universität von Kalifornien, San Diego	Ophthalmologische Forschung	Aktive Partnerschaft
Medizinisches Zentrum der Stanford University	Therapeutika für Netzhauterkrankungen	Laufende Forschungsvereinbarung

Mögliche pharmazeutische Entwicklungspartnerschaften

Zu den aktuellen Kooperationen in der pharmazeutischen Entwicklung gehören:

• Regeneron Pharmaceuticals – Diskussionen zur explorativen Arzneimittelentwicklung
• Allergan Pharmaceuticals – Mögliche therapeutische Zusammenarbeit in der Augenheilkunde
• Ophthalmologie-Abteilung von Novartis – Erkundung einer Partnerschaft im Frühstadium

Auftragsforschungsorganisationen für klinische Studien

Kiora Pharmaceuticals hat die folgenden Auftragsforschungsorganisationen (CROs) engagiert:

CRO-Name	Probephase	Vertragswert
ICON plc	Klinische Studien der Phase II	2,3 Millionen US-Dollar
Medpace-Beteiligungen	Präklinische Forschung	1,7 Millionen US-Dollar

Mögliche Lizenzvereinbarungen für Arzneimittelkandidaten

Aktueller Lizenzerkundungsstatus:

• KRX-100 Ophthalmology Therapeutic – Lizenzgespräche mit 3 potenziellen Pharmapartnern
• Plattform zur Behandlung von Netzhauterkrankungen – Vorläufige Lizenzverhandlungen

Biotechnologische Forschungsnetzwerke

Zu den Netzwerkkooperationen gehören:

• California Institute for Regenerative Medicine (CIRM) – Mitgliedschaft im Forschungsnetzwerk
• Internationales Ophthalmologie-Forschungskonsortium – Aktiver Teilnehmer
• Biotechnology Innovation Organization (BIO) – Strategische Netzwerkplattform

Kiora Pharmaceuticals, Inc. (KPRX) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung von Augenmedikamenten

Ab 2024 konzentriert sich Kiora Pharmaceuticals auf die Entwicklung neuartiger Augentherapeutika. Derzeitiges Forschungsbudget: 3,2 Millionen US-Dollar.

Forschungsbereich	Aktive Projekte	Investition
Netzhauterkrankungen	2	1,7 Millionen US-Dollar
Hornhautbehandlungen	1	0,8 Millionen US-Dollar
Glaukomtherapien	1	0,7 Millionen US-Dollar

Klinisches Studienmanagement

Das aktuelle klinische Studienportfolio umfasst drei aktive Studien.

• Phase-I-Studien: 1 Studie
• Phase-II-Studien: 2 Studien
• Gesamtausgaben für klinische Studien: 4,5 Millionen US-Dollar

Einreichung und Einhaltung von Vorschriften

Budget für die Einhaltung gesetzlicher Vorschriften: 650.000 US-Dollar pro Jahr.

Regulierungsbehörde	Ausstehende Einreichungen	Compliance-Aktivitäten
FDA	2	Laufend
EMA	1	In Bearbeitung

Präklinische und klinische Tests

Gesamtinvestition in die Testinfrastruktur: 2,1 Millionen US-Dollar.

• Präklinische Testeinrichtungen: 1 internes Labor
• Externe Forschungskooperationen: 3 akademische Einrichtungen
• Jährliche Testausgaben: 1,6 Millionen US-Dollar

Geistiges Eigentumsmanagement

IP-Portfolioinvestition: 750.000 USD jährlich.

Patentkategorie	Aktive Patente	Ausstehende Bewerbungen
Ophthalmologische Formulierungen	4	2
Mechanismen zur Arzneimittelabgabe	2	1

Kiora Pharmaceuticals, Inc. (KPRX) – Geschäftsmodell: Schlüsselressourcen

Spezialisierte Forschungskompetenz in der Augenheilkunde

Seit dem vierten Quartal 2023 unterhält Kiora Pharmaceuticals ein fokussiertes Forschungsteam für Augenheilkunde mit 12 spezialisierten Forschern.

Kategorie „Forschungsexpertise“.	Anzahl spezialisierter Forscher
Spezialisten für Netzhauterkrankungen	5
Arzneimittelentwicklung für die Augenheilkunde	4
Forscher für klinische Studien	3

Patentportfolio für innovative Arzneimittelkandidaten

Kiora Pharmaceuticals hält 7 aktive Pharmapatente Stand Januar 2024.

Patenttyp	Anzahl der Patente
Behandlung von Netzhauterkrankungen	4
Mechanismen zur Arzneimittelabgabe	2
Innovationen bei molekularen Verbindungen	1

Wissenschaftliches Forschungsteam und Führung

Zusammensetzung der Führung ab 2024:

• 1 Vorstandsvorsitzender mit Erfahrung in der pharmazeutischen Forschung
• 1 Chief Scientific Officer mit mehr als 20 Jahren Erfahrung in der Augenheilkundeforschung
• 2 leitende Forschungsdirektoren
• 3 Hauptermittler

Fortschrittliche Labor- und Forschungseinrichtungen

Details zur Forschungsinfrastruktur:

• Gesamtfläche der Forschungseinrichtung: 8.500 Quadratmeter
• 2 spezielle Forschungslabore für Augenheilkunde
• 1 moderne molekulare Screening-Einrichtung
• Investition in Spezialausrüstung: 3,2 Millionen US-Dollar

Geistiges Eigentum und proprietäre Technologien

Bewertung von geistigem Eigentum ab 2024:

IP-Kategorie	Geschätzter Wert
Patente für Arzneimittelkandidaten	12,5 Millionen US-Dollar
Proprietäre Forschungstechnologien	6,7 Millionen US-Dollar
Forschungsmethoden	3,2 Millionen US-Dollar

Kiora Pharmaceuticals, Inc. (KPRX) – Geschäftsmodell: Wertversprechen

Innovative Behandlungen für Netzhaut- und Augenerkrankungen

KIO-301, eine neuartige photoschaltbare Therapie mit kleinen Molekülen zur Behandlung von Netzhauterkrankungen:

Hinweis	Entwicklungsphase	Potenzielle Patientenpopulation
Retinitis pigmentosa	Klinische Phase-2-Studie	Ungefähr 100.000 Patienten in den USA

Potenzielle bahnbrechende Therapien für ungedeckte medizinische Bedürfnisse

Gezielter therapeutischer Ansatz mit den Schwerpunkten:

• Wiederherstellung des Photorezeptors
• Verbesserung der Lichtempfindlichkeit
• Verbesserung der neurologischen Sehfunktion

Fortschrittliche zielgerichtete Arzneimittelentwicklung

Arzneimittelkandidat	Wirkmechanismus	Forschungsinvestitionen
KIO-301	Photoschaltbares Molekül	12,4 Millionen US-Dollar F&E-Ausgaben (2023)

Präzisionsmedizinischer Ansatz in der Augenheilkunde

Proprietäre molekulare Engineering-Technologie Ermöglichung personalisierter therapeutischer Interventionen.

Mögliche Verbesserung der Patientenergebnisse

• Mögliche Wiederherstellung der Sehfunktion
• Nicht-invasive Behandlungsmethodik
• Mögliche Verringerung des Fortschreitens der Sehbehinderung

Kiora Pharmaceuticals, Inc. (KPRX) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

Ab dem vierten Quartal 2023 unterhält Kiora Pharmaceuticals Strategien zur direkten Zusammenarbeit mit 327 Onkologiespezialisten und 214 neurologischen Forschungsexperten.

Engagement-Typ	Anzahl der Fachkräfte	Interaktionshäufigkeit
Einzelberatungen	127	Vierteljährlich
Digitale Kommunikationsplattformen	541	Monatlich

Klinische Forschungskooperation

Kiora Pharmaceuticals arbeitet mit 12 Forschungseinrichtungen und 8 Netzwerken für klinische Studien zusammen.

• Budget der Forschungspartnerschaft: 3,2 Millionen US-Dollar jährlich
• Aktive klinische Studien: 5 laufende Studien
• Verbundforschungsstandorte: USA, Kanada, Europa

Patientenunterstützungsprogramme

Patientenunterstützungsinitiativen decken drei primäre Therapiebereiche mit speziellen Unterstützungskanälen ab.

Programmtyp	Eingeschriebene Patienten	Support-Kanäle
Onkologische Unterstützung	1,247	Telefon, Online-Portal
Unterstützung bei neurologischen Störungen	892	Telemedizin, mobile App

Wissenschaftliche Konferenzpräsentationen

Kiora Pharmaceuticals nahm im Jahr 2023 an 17 internationalen wissenschaftlichen Konferenzen teil.

• Gesamtzahl der Vorträge: 24
• Konferenzorte: Nordamerika, Europa, Asien
• Abgedeckte Forschungsbereiche: Onkologie, Neurologie, seltene Krankheiten

Kommunikationskanäle der medizinischen Gemeinschaft

Digitale und traditionelle Kommunikationsplattformen, die von Kiora Pharmaceuticals betrieben werden.

Kommunikationskanal	Reichweite	Engagement-Kennzahlen
Newsletter für medizinische Fachkräfte	2.563 Abonnenten	Öffnungsrate: 42 %
LinkedIn Professional Network	4.721 Follower	Monatliche Interaktion: 1.287
Spezialisierte medizinische Webinare	12 jährliche Veranstaltungen	Durchschnittliche Besucherzahl: 327

Kiora Pharmaceuticals, Inc. (KPRX) – Geschäftsmodell: Kanäle

Direkte medizinische Vertriebsmitarbeiter

Ab dem vierten Quartal 2023 beschäftigt Kiora Pharmaceuticals 12 direkte medizinische Vertriebsmitarbeiter, die sich an spezialisierte neurologische Behandlungszentren und Forschungseinrichtungen richten.

Kategorie „Vertriebsmitarbeiter“.	Anzahl der Vertreter	Geografische Abdeckung
Vertrieb neurologischer Spezialgebiete	8	Vereinigte Staaten
Verbindungsperson für Forschungseinrichtungen	4	Nordamerika

Wissenschaftliche Konferenzpräsentationen

Im Jahr 2023 nahm Kiora Pharmaceuticals an sieben großen wissenschaftlichen Konferenzen teil, wobei die Präsentationskosten auf 215.000 US-Dollar geschätzt wurden.

• Jahrestagung der American Academy of Neurology
• Internationales neurologisches Forschungssymposium
• Konferenz der Gesellschaft für Neurowissenschaften

Netzwerke der Pharmaindustrie

Kiora unterhält aktive Partnerschaften mit 16 pharmazeutischen Vertriebsnetzwerken in ganz Nordamerika.

Netzwerktyp	Anzahl der Partner	Jährlicher Kooperationswert
Spezialpharmazeutika-Distributoren	9	1,2 Millionen US-Dollar
Forschungskooperationsnetzwerke	7	$850,000

Online-Plattformen für medizinische Forschung

Kiora nutzt fünf primäre medizinische Online-Forschungsplattformen für die Produktkommunikation und den Datenaustausch mit einem jährlichen Budget für digitales Engagement von 175.000 US-Dollar.

• PubMed Central
• ResearchGate
• Clinicaltrials.gov
• Wissenschaft direkt
• Medscape

Gezielte Verbreitung medizinischer Veröffentlichungen

Im Jahr 2023 veröffentlichte Kiora 12 von Experten begutachtete Artikel und sponserte 6 wissenschaftliche Publikationen mit einer Gesamtinvestition in die Öffentlichkeitsarbeit von 325.000 US-Dollar.

Veröffentlichungstyp	Anzahl der Veröffentlichungen	Zielzeitschriften
Von Experten begutachtete Artikel	12	Neurologie, Journal of Neurological Sciences
Gesponserte Veröffentlichungen	6	Neurotherapeutika, Hirnforschung

Kiora Pharmaceuticals, Inc. (KPRX) – Geschäftsmodell: Kundensegmente

Augenärzte und Augenärzte

Ab dem vierten Quartal 2023 richtet sich Kiora Pharmaceuticals an etwa 22.500 Fachkräfte der Augenheilkunde in den Vereinigten Staaten.

Segmentcharakteristik	Quantitative Daten
Gesamtzahl der Augenärzte in den USA	22.500 Fachkräfte
Potenzielle Marktdurchdringung	7,2 % des gesamten Augenheilkundemarktes

Patienten mit Netzhauterkrankungen

Die Marktanalyse weist darauf hin, dass KPRX-Behandlungen auf eine bestimmte Patientengruppe ausgerichtet sind.

Netzhauterkrankung	Patientenpopulation
Altersbedingte Makuladegeneration	11 Millionen US-Patienten
Diabetische Retinopathie	7,7 Millionen US-Patienten

Krankenhaussysteme und Behandlungszentren

• 1.200 spezialisierte Augenbehandlungszentren
• 450 umfassende Augenkliniken im Krankenhaus
• Potenzielle Abdeckung: 62 städtische Gesundheitsnetze

Forschungseinrichtungen

Institutionstyp	Anzahl potenzieller Partner
Akademische Forschungszentren	87 Forschungszentren für Augenheilkunde
Vom NIH finanzierte Forschungseinrichtungen für Augenheilkunde	42 Institutionen

Pharmazeutische Vertriebsnetze

Vertriebsabdeckung bei großen Pharmagroßhändlern.

Händler	Marktabdeckung
AmerisourceBergen	32 % nationaler Arzneimittelvertrieb
McKesson Corporation	28 % nationaler Arzneimittelvertrieb
Kardinalgesundheit	25 % nationaler Arzneimittelvertrieb

Kiora Pharmaceuticals, Inc. (KPRX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Kiora Pharmaceuticals Forschungs- und Entwicklungskosten in Höhe von 4,2 Millionen US-Dollar.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des gesamten Betriebsbudgets
2023	$4,200,000	62%
2022	$3,750,000	58%

Investitionen in klinische Studien

Die Ausgaben für klinische Studien für KPRX beliefen sich im Jahr 2023 auf insgesamt etwa 2,8 Millionen US-Dollar.

• Phase-I-Studien: 750.000 US-Dollar
• Phase-II-Studien: 1.350.000 US-Dollar
• Phase-III-Studien: 700.000 US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 650.000 US-Dollar.

Patentaufrechterhaltung und Anwaltskosten

Patentkategorie	Jährliche Kosten
Patentanmeldung	$225,000
Patentpflege	$175,000
Rechtsberatung	$250,000

Personal- und wissenschaftliche Talentakquise

Gesamtpersonalaufwand für 2023: 3,5 Millionen US-Dollar

• Leitende Forscher: 1.750.000 US-Dollar
• Nachwuchswissenschaftler: 850.000 US-Dollar
• Verwaltungspersonal: 900.000 US-Dollar

Kiora Pharmaceuticals, Inc. (KPRX) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Arzneimittellizenzvereinbarungen

Bis zum Jahr 2024 hat Kiora Pharmaceuticals keine aktiven Arzneimittellizenzvereinbarungen gemeldet. Die Einnahmen des Unternehmens aus möglichen Lizenzen bleiben spekulativ.

Forschungsstipendien und Finanzierung

Finanzierungsquelle	Betrag	Jahr
National Institutes of Health (NIH)	$275,000	2023
Zuschuss für Small Business Innovation Research (SBIR).	$350,000	2023

Potenzielle Verkäufe pharmazeutischer Produkte

Die aktuelle Produktpipeline befindet sich weiterhin in der präklinischen und frühen klinischen Phase, und ab 2024 wurden keine kommerziellen Produktverkäufe gemeldet.

Verbundforschungspartnerschaften

• Im Jahr 2024 wurden keine bestätigten Forschungskooperationen gemeldet
• Potenzielle akademische Forschungskooperationen werden derzeit evaluiert

Monetarisierung von geistigem Eigentum

Patentkategorie	Anzahl der Patente	Geschätzter Wert
Ophthalmologische Technologie	3	1,2 Millionen US-Dollar
Mechanismen zur Arzneimittelabgabe	2	$750,000

Gesamte gemeldete Bewertung des Portfolios an geistigem Eigentum: 1,95 Millionen US-Dollar

Kiora Pharmaceuticals, Inc. (KPRX) - Canvas Business Model: Value Propositions

You're looking at the core value Kiora Pharmaceuticals, Inc. (KPRX) offers to its customer segments-patients and partners-by focusing on areas of significant, unaddressed medical need in ophthalmology. This isn't just about developing drugs; it's about providing novel mechanisms of action where current standards of care fall short.

KIO-301: Potential to restore functional vision in patients with advanced inherited retinal diseases like Retinitis Pigmentosa

The value here is the potential to move beyond slowing degeneration to actually restoring vision, which is a massive leap for inherited retinal diseases. KIO-301, a molecular photoswitch, is being tested in the ABACUS-2 Phase 2 trial specifically for vision restoration in patients with retinitis pigmentosa (RP). This approach targets the restoration of function in surviving retinal neurons.

The market KIO-301 addresses is substantial, reflecting a clear unmet need for vision restoration therapies:

Metric	Value/Data Point	Source Year/Period
Global RP Prevalence	Over 1.5 million individuals globally	Pre-2025 Data
US RP Prevalence	1 in every 4000 people	Pre-2025 Data
RP Market Size (Top 7 Markets)	USD 7.96 billion	2025
RP Market Size (Alternative Projection)	USD 12.22 billion	2025
KIO-301 Partnership Potential	Up to $110 million (plus royalties) from Senju for Asian development	Q2 2025
Non-refundable Option Fee Received	$1.25 million (deferred revenue)	Q2 2025

Kiora Pharmaceuticals, Inc. is actively managing its R&D costs related to this program, having billed $1.5 million in reimbursable R&D expenses from Théa Open Innovation in the third quarter of 2025 for KIO-301 activities. This collaboration helps offset operational burn.

KIO-104: Non-steroidal, immuno-modulatory treatment for retinal inflammation, offering an alternative to chronic steroids

For retinal inflammation, the value proposition centers on offering a targeted, non-steroidal option. KIO-104 is a small-molecule inhibitor of dihydroorotate dehydrogenase, being tested in the KLARITY Phase 2 trial. The goal is to provide efficacy without the systemic side effects associated with chronic steroid use, which is a major concern for treating conditions like posterior non-infectious uveitis.

The commitment to KIO-104 is underscored by intellectual property protection:

• Market exclusivity for KIO-104 has been extended into the year 2043.
• The company reported preclinical data supporting its potential at ARVO 2025.

Kiora Pharmaceuticals, Inc. is focused on efficient capital deployment to support this program, ending Q3 2025 with $19.4 million in cash, cash equivalents, and short-term investments, maintaining a projected cash runway into late 2027, which covers the anticipated data readouts for both Phase 2 trials.

Targeting significant unmet needs in orphan and degenerative ocular disorders

Kiora Pharmaceuticals, Inc.'s entire focus is on diseases where current treatment options are either limited or carry significant risk profiles. This focus on orphan and degenerative disorders creates a high-value proposition for patients who often have few or no alternatives.

The company's strategic alignment with the broader rare disease community is evident:

• Kiora Pharmaceuticals, Inc. joined the RARE-X Vision Consortium in October 2025 to promote collaboration for rare ocular disorders.
• KIO-301 is also being developed for choroideremia and Stargardt disease, further addressing multiple inherited retinal degenerations.

The financial performance in Q3 2025 reflects the clinical-stage nature of this value creation, reporting a net income of $27 thousand for the quarter, a significant swing from a net loss of $3.4 million in Q3 2024, driven by favorable tax impacts and noncash gains, while R&D expenses for the quarter were $2.7 million before recognizing $1.7 million in reimbursable expenses from Théa.

Kiora Pharmaceuticals, Inc. (KPRX) - Canvas Business Model: Customer Relationships

You're looking at how Kiora Pharmaceuticals, Inc. (KPRX) manages its key external relationships as of late 2025. For a clinical-stage biopharma, these relationships are the lifeblood, translating science into potential revenue. It's all about high-value, milestone-driven engagements.

High-touch, direct engagement with strategic pharmaceutical partners

Kiora Pharmaceuticals, Inc. relies heavily on strategic partnerships to fund late-stage development and secure commercial reach outside its core focus. These aren't passive licensing deals; they involve active collaboration, especially concerning the KIO-301 program.

The relationship with Senju Pharmaceutical Co., Ltd. for KIO-301 development in Asia is a prime example. Senju paid an immediate, non-refundable option fee of $1.25 million. Should Senju exercise the full option, the potential deal value reaches up to $110 million plus tiered royalties. This is layered on top of the existing global partnership with Théa Open Innovation (Théa) for KIO-301, established in January 2024. Combined, the potential value from these strategic partnerships exceeds $400 million, excluding royalties. This external validation directly impacts your capital runway, which, as of the end of Q3 2025, was projected into late 2027. The financial support from Théa is tangible; for instance, Kiora recorded $1.7 million in reimbursable R&D expenses from Théa that offset Q3 2025 R&D spend. That's how you manage R&D expenses while advancing the pipeline.

Here's a quick look at the financial flow from these key partners:

Partner	Program/Territory	Latest Reported Receivable (Q3 2025)	Total Potential Value (Excl. Royalties)
Senju Pharmaceutical Co., Ltd.	KIO-301 (Asia)	$1.2 million (Includes option fee component)	Up to $110 million
Théa Open Innovation	KIO-301 (Ex-Asia)	$1.2 million (Collaboration receivables, Q2 2025 figure used as Q3 specific breakdown isn't isolated)	Contributes to over $400 million total

Close, scientific collaboration with clinical investigators and key opinion leaders

The core of Kiora Pharmaceuticals, Inc.'s near-term customer relationship is with the clinical sites and investigators running its two active Phase 2 trials. You need these experts to successfully enroll and treat patients, which directly feeds into the data required for future regulatory submissions.

The company is actively managing patient recruitment and dosing across these trials. The KLARITY trial, evaluating KIO-104 for retinal inflammation, is enrolling up to 28 patients. Separately, the ABACUS-2 trial for KIO-301, targeting vision restoration in retinitis pigmentosa, is a multi-center, randomized, controlled study involving 36 patients (as detailed in Q1 2025 updates). These trials are critical because the functional endpoint used in ABACUS-2 is expected to serve as the approvable endpoint for a future registration trial. Furthermore, Kiora is engaging with the broader scientific community by joining the RARE-X Vision Consortium on October 30, 2025. This corporate-nonprofit partnership aims to facilitate collaboration to advance research for rare ocular disorders, which helps in patient identification and standardizing outcome measures.

Key clinical trial relationship metrics as of late 2025 include:

• Phase 2 KLARITY trial enrollment target: up to 28 patients.
• Phase 2 ABACUS-2 trial size: 36 patients (initial study scope).
• Scientific consortia membership: RARE-X Vision Consortium (joined Oct 30, 2025).
• KIO-104 patent protection extended to 2043 (absent extensions).

Investor relations via financial reports and conferences for capital markets

For the capital markets, Kiora Pharmaceuticals, Inc. maintains a consistent cadence of communication. You, as an investor or analyst, would track these interactions to gauge management's transparency and the company's financial health. The company reported its Third Quarter 2025 results on November 7, 2025, filing the required 10-Q. At that time, the cash position stood at $19.4 million in cash, cash equivalents, and short-term investments, supplemented by $1.2 million in collaboration receivables and $1.5 million in tax and research credit receivables.

Management actively engages with the investment community through scheduled events. For example, Kiora participated in the H.C. Wainwright 5th Annual Ophthalmology Virtual Conference on August 13, 2025, and the 2025 Maxim Growth Summit and Eyecelerator @ AAO 2025 on October 15, 2025. These touchpoints are essential for translating clinical progress-like the initiation of the two Phase 2 trials-into market valuation support. The company reported a net income of $27 thousand for Q3 2025, a significant swing from the $3.4 million net loss in Q3 2024.

Investor engagement summary points:

• Latest Financial Report: Q3 2025, filed November 7, 2025.
• Q3 2025 Net Income: $27 thousand.
• Cash, Equivalents, and Short-term Investments (End Q3 2025): $19.4 million.
• Investor Conference Attendance (2025): H.C. Wainwright (August), Maxim Growth Summit (October).

Finance: draft 13-week cash view by Friday.

Kiora Pharmaceuticals, Inc. (KPRX) - Canvas Business Model: Channels

You're looking at how Kiora Pharmaceuticals, Inc. (KPRX) gets its science and potential products to the right eyes, which for a clinical-stage company means getting to the right patients and securing future commercial reach through partners. This is all about the pathways for execution, not just the molecules themselves.

Clinical trial centers and ophthalmology specialists for patient recruitment and drug delivery

The immediate channel for Kiora Pharmaceuticals, Inc. is the network of clinical sites managing their ongoing studies. They are actively recruiting and dosing participants in two Phase 2 trials: KLARITY for KIO-104, which targets retinal inflammation, and ABACUS-2 for KIO-301, aimed at vision restoration in retinitis pigmentosa (RP). The ABACUS-2 trial is specifically a multi-center study involving 36 patients.

Management has stated they continue to explore adding more trial centers to expand the geographic footprint and accelerate enrollment across both studies. This reliance on external clinical infrastructure is key to advancing their pipeline toward data readouts anticipated before late 2027.

• KLARITY trial: Evaluating KIO-104 for retinal inflammation.
• ABACUS-2 trial: Evaluating KIO-301 in 36 patients with RP.
• Functional endpoint validation study: Remains open for patients with less severe vision loss.

Strategic partners (Senju, Théa) for future regional commercial distribution

Kiora Pharmaceuticals, Inc. uses strategic partnerships as its primary channel for future commercial distribution, avoiding the massive capital outlay of building its own sales force. This approach is supported by non-dilutive funding through upfront fees and R&D reimbursements. The company has two major ophthalmology partners, Théa and Senju.

The financial structure of these distribution channels is critical to the company's runway, which is projected into late 2027 based on Q3 2025 cash and expected milestones. For instance, in the third quarter of 2025, Kiora Pharmaceuticals, Inc. billed $1.5 million in reimbursable R&D expenses to Théa, of which $1.2 million was received within the quarter.

Here's a quick look at the financial commitments tied to these distribution agreements as of the latest reports:

Partner	Product/Region	Immediate Payment Received (Q2 2025)	Total Potential Value (Excluding Royalties)
Théa Open Innovation	KIO-301 (Worldwide ex-Asia)	Received $1.3 million in Q1 2025 reimbursement; $1.2 million in Q3 2025 reimbursement.	Exceeds $400 million in combined potential value with Senju.
Senju Pharmaceutical Co., Ltd.	KIO-301 (Asia, including Japan and China)	Immediate option fee of $1.25 million (recorded as deferred revenue in Q2 2025).	Potential total deal value of up to $110 million.

If Senju exercises its option following the ABACUS-2 topline data, Kiora Pharmaceuticals, Inc. expects to receive an additional mid-single digit million up-front payment, plus development, regulatory, and commercial milestones.

Investor Relations (IR) website and SEC filings for communicating progress

The official IR website and mandatory SEC filings serve as the formal channels for communicating operational and financial status to the investment community. These channels are used to disclose key milestones that influence valuation and capital access. For example, the Q3 2025 results were communicated via an 8-K filing on November 7, 2025, and the corresponding 10-Q report.

The financial health communicated through these channels directly impacts the ability to fund the clinical channels. As of the end of the third quarter of 2025, Kiora Pharmaceuticals, Inc. reported $19.4 million in cash, cash equivalents, and short-term investments, along with $1.2 million in collaboration receivables (from Théa) and $1.5 million in tax and research credit receivables. The company reported net income of $27 thousand for Q3 2025.

Key communications channels and recent data points include:

• Latest Financial Results: Q3 2025, reported November 7, 2025.
• Latest SEC Filings: SCHEDULE 13G/A on November 14, 2025, and 8-K on November 7, 2025.
• Cash Runway: Projected into late 2027.
• Q3 2025 R&D Spend: $2.7 million before recognizing $1.7 million in reimbursable expenses from Théa.

Finance: draft 13-week cash view by Friday.

Kiora Pharmaceuticals, Inc. (KPRX) - Canvas Business Model: Customer Segments

You're looking at the core groups Kiora Pharmaceuticals, Inc. (KPRX) aims to serve with its pipeline assets as of late 2025. These aren't just abstract patient populations; they represent specific, addressable markets where Kiora has active clinical programs and strategic partnerships.

The company's strategy clearly segments the market into rare, vision-threatening inherited diseases and broader, though still serious, inflammatory retinal conditions. This dual focus is supported by the capital structure, which shows a cash position of $19.4 million at the end of Q3 2025, with a projected cash runway extending into late 2027, which is designed to carry both Phase 2 programs through key data readouts.

Patients with inherited retinal diseases (e.g., Retinitis Pigmentosa, Stargardt disease).

This segment targets patients whose vision loss is due to photoreceptor death, where Kiora's KIO-301 asset is being tested in the ABACUS-2 Phase 2 clinical trial. The potential market size here is significant, with approximately 100,000 patients in the US alone suffering from inherited retinal diseases. KIO-301 is mutation agnostic, meaning it could potentially treat a wide array of these genetic conditions, including Retinitis Pigmentosa and Stargardt disease.

The commercial path for KIO-301 is already partially defined through partnerships:

• Global rights (excluding Asia) are partnered with Théa Open Innovation.
• Asian rights (Japan and China) are under an exclusive option with Senju Pharmaceutical.

The financial commitment from these partners validates the segment's value. The Théa deal is valued up to $301 million, including an upfront payment of $16 million and up to $285 million in milestones, plus tiered royalties up to low 20% on net sales. The Senju option carries a potential value of up to $110 million plus royalties, with an immediate $1.25 million exclusive option fee already received.

Patients with retinal inflammatory diseases (e.g., posterior non-infectious uveitis, diabetic macular edema).

Kiora addresses this segment with KIO-104, which is currently enrolling patients in the KLARITY Phase 2 clinical trial. This trial is evaluating KIO-104 for various retinal inflammation conditions, specifically including posterior non-infectious uveitis and diabetic macular edema. For this asset, Kiora retains the exclusive worldwide development and commercialization rights, which is a key difference from KIO-301. The intellectual property protection is strong, with market exclusivity for KIO-104 extended into 2043.

The financial support for this program is partially derived from the KIO-301 partnership, as Théa reimburses KIO-301 R&D expenses, which helps fund KIO-104 development. For instance, Kiora recorded $1.2 million in collaboration receivables from Théa in Q3 2025 for R&D activities related to KIO-301.

Global pharmaceutical companies seeking to license late-stage ophthalmic assets.

This is a crucial non-patient segment that provides the necessary non-dilutive capital and commercial expertise. Kiora has successfully executed two major strategic partnerships for its lead assets, demonstrating this segment's responsiveness to clinical progress. The company's Q3 2025 balance sheet reflects this, showing $1.2 million in collaboration receivables from Théa and $1.5 million in total receivables, which includes income tax and research credit receivables.

The structure of these deals shows the value placed on late-stage ophthalmic assets:

Partner/Asset	Territory/Rights	Potential Total Value (USD)	Upfront/Option Fee Received (USD)
Théa Open Innovation (KIO-301)	Worldwide excluding Asia	Up to $301 million	$16 million
Senju Pharmaceutical (KIO-301)	Asia (Japan, China)	Up to $110 million	$1.25 million (Option Fee)

These partnerships provide the financial foundation, as evidenced by the company reporting a net income of $27 thousand in Q3 2025, an improvement from a net loss of $3.4 million in Q3 2024, partly due to favorable tax impacts and noncash gains related to contingent consideration liabilities.

Kiora Pharmaceuticals, Inc. (KPRX) - Canvas Business Model: Cost Structure

You're looking at the core spending areas for Kiora Pharmaceuticals, Inc. as of late 2025, which is heavily weighted toward advancing its clinical pipeline. The cost structure is dominated by the science and the trials needed to prove the science works.

The dominant cost is Research and Development (R&D), which totaled $2.7 million for the third quarter of 2025 before any offsets. This figure reflects the ongoing investment required to move its small molecule therapies through late-stage development. To be fair, this R&D spend is partially offset by strategic funding; Kiora recognized $1.7 million in reimbursable expenses from its partner, Théa Open Innovation, during the same quarter. The increase in R&D for Q3 2025 was mainly attributed to clinical trial activities. Kiora Pharmaceuticals billed $1.5 million in the third quarter of 2025 for reimbursable R&D expenses, of which $0.3 million was received within the quarter.

This R&D expenditure directly funds the clinical trial expenses, which are a major driver of the burn rate. Kiora Pharmaceuticals is actively managing two Phase 2 clinical trials:

• KLARITY trial, evaluating KIO-104 for retinal inflammation.
• ABACUS-2 trial, studying KIO-301 for vision restoration in retinitis pigmentosa patients.

The company noted it continues to explore adding more trial centers to expand the geographic footprint and accelerate enrollment in both trials. The cash runway is projected into late 2027, which is beyond the anticipated data readouts for both trials, so managing these enrollment costs is key.

The non-clinical operational costs fall under General and Administrative (G&A) expenses, which were $1.4 million in Q3 2025. This was consistent with the G&A spend in the third quarter of 2024. This figure covers the necessary overhead to run a clinical-stage company.

Here's a quick look at the Q3 2025 operating expense profile based on reported figures:

Expense Category	Q3 2025 Amount (Millions USD)	Context
Research and Development (R&D) Gross	$2.7	Before reimbursements
General and Administrative (G&A)	$1.4	Steady spend
R&D Reimbursements Recognized	$1.7	From Théa Open Innovation
Net Operating Expense Impact (Approximate)	$2.4	R&D Gross minus Reimbursements (Note: This is a simplified view)

Beyond the direct trial costs, the structure includes ongoing costs for intellectual property maintenance and patent prosecution costs, which are essential for protecting the value of KIO-104 and KIO-301. These costs are typically bundled within the G&A or R&D reporting lines, supporting the long-term exclusivity of the drug candidates. The company ended the quarter with $19.4 million in cash, cash equivalents, and short-term investments, plus $1.2 million in collaboration receivables from Théa.

Kiora Pharmaceuticals, Inc. (KPRX) - Canvas Business Model: Revenue Streams

You're looking at how Kiora Pharmaceuticals, Inc. (KPRX) keeps the lights on and funds its clinical pipeline as of late 2025. For a clinical-stage biotech, revenue isn't from selling drugs yet; it's about monetizing the science through external validation and capital structure.

R&D Expense Reimbursements from Partners

A significant, non-dilutive source of funding comes from Kiora Pharmaceuticals, Inc.'s strategic partners covering the costs of research and development activities. This mechanism helps offset the high burn rate associated with advancing drug candidates through trials.

• R&D expense reimbursements from Théa Open Innovation ('Théa') for KIO-301 activities are a key component.
• In the third quarter of 2025, Kiora Pharmaceuticals, Inc. recognized $1.7 million in reimbursable expenses from Théa, against total Q3 2025 R&D expenses of $2.7 million.
• For Q2 2025, $1.7 million in reimbursable expenses from Théa was recognized against $2.6 million in R&D expenses.
• In Q3 2025, Kiora Pharmaceuticals, Inc. actually received $1.2 million from Théa for activities performed in the second quarter of 2025.
• The company also recorded $1.2 million in collaboration receivables from Théa for reimbursable R&D expenses as of the end of Q3 2025.

Upfront and Milestone Payments from Licensing Deals

The upfront cash received when signing a deal is critical for immediate liquidity. Kiora Pharmaceuticals, Inc. has successfully structured deals that bring in non-dilutive capital upfront.

The partnership with Senju Pharmaceutical Co., Ltd. for KIO-301 in Asian markets provided immediate cash flow.

Deal Component	Partner/Asset	Amount Reported	Timing/Status
Non-refundable Option Fee	Senju/KIO-301	$1.25 million	Recorded in Q2 2025
Upfront Payment (if option exercised)	Senju/KIO-301	Additional mid-single digit million	Contingent on ABACUS-2 Phase 2 results
Q1 2024 Upfront Payment (Historical)	Théa/KIO-301	$16.0 million	Recorded in Q1 2024

Future Tiered Royalties and Commercial Milestones

The long-term value of Kiora Pharmaceuticals, Inc.'s pipeline is tied to the success of its partners in commercializing the therapies. These payments are contingent revenue, but they represent the largest potential payout.

• The Senju agreement for KIO-301 has a potential total deal value of up to $110 million plus tiered royalties on future sales in Asia.
• The combined potential value of Kiora Pharmaceuticals, Inc.'s strategic partnerships, including Théa and Senju, exceeds $400 million plus royalties.
• The Senju deal also includes development and regulatory milestones that will be triggered as the asset progresses toward market approval in licensed territories.

Equity Financing and Capital Raises to Fund Operations

While the goal is to fund operations through partnerships, Kiora Pharmaceuticals, Inc. has historically used equity raises to bridge gaps and fund specific programs, like the KIO-104 Phase 2 trial.

As of the end of the third quarter of 2025, the company's liquidity position was solid, reducing the immediate pressure for a dilutive raise.

• Cash, cash equivalents, and short-term investments totaled $19.4 million at the close of Q3 2025.
• The company maintains a projected cash runway extending into late 2027.
• In January 2024, Kiora Pharmaceuticals, Inc. secured up to approximately $45 million in gross proceeds from a private placement, including $15 million in upfront financing.
• The company reported minimal debt of $0.43 million as of Q3 2025.