Kiora Pharmaceuticals, Inc. (KPRX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el ámbito dinámico de la biotecnología, Kiora Pharmaceuticals, Inc. (KPRX) emerge como una fuerza pionera en el desarrollo de fármacos oftálmicos, navegando estratégicamente el complejo paisaje de los tratamientos de enfermedades retinianas. Al aprovechar la investigación de vanguardia, las asociaciones estratégicas y un innovador lienzo de modelo de negocio, esta compañía farmacéutica especializada está preparada para transformar la atención oftalmológica a través de la medicina de precisión y las terapias innovadoras que abordan las necesidades médicas no satisfechas críticas en la salud de la visión.

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negocios: asociaciones clave

Colaboración estratégica con instituciones de investigación académica

A partir de 2024, Kiora Pharmaceuticals ha establecido asociaciones de investigación con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Estado de colaboración
Universidad de California, San Diego	Investigación de oftalmología	Asociación activa
Centro Médico de la Universidad de Stanford	Terapéutica de la enfermedad de la retina	Acuerdo de investigación en curso

Potencios de desarrollo farmacéutico de desarrollo farmacéutico

Las colaboraciones actuales de desarrollo farmacéutico incluyen:

• Regeneron Pharmaceuticals - Discusiones de desarrollo de medicamentos exploratorios
• Allergan Pharmaceuticals - Colaboración terapéutica de oftalmología potencial
• División de Oftalmología de Novartis - Exploración de la asociación en etapa temprana

Organizaciones de investigación por contrato para ensayos clínicos

Kiora Pharmaceuticals ha contratado a las siguientes organizaciones de investigación de contratos (CRO):

Nombre de Cro	Fase de prueba	Valor de contrato
Ícono plc	Ensayos clínicos de fase II	$ 2.3 millones
Medpace Holdings	Investigación preclínica	$ 1.7 millones

Posibles acuerdos de licencia para candidatos a drogas

Estado de exploración de licencias actual:

• KRX -100 Oftalmología Terapéutica: discusiones de licencia con 3 socios farmacéuticos potenciales
• Plataforma de tratamiento de enfermedades de la retina: negociaciones preliminares de licencias

Redes de investigación de biotecnología

Las colaboraciones de la red incluyen:

• Instituto de Medicina Regenerativa de California (CIRM) - Membresía en la red de investigación
• Consorcio internacional de investigación de oftalmología: participante activo
• Organización de Innovación de Biotecnología (BIO) - Plataforma de redes estratégicas

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negocio: actividades clave

Investigación y desarrollo de drogas oftálmicas

A partir de 2024, Kiora Pharmaceuticals se enfoca en desarrollar nuevas terapias oftálmicas. Presupuesto de investigación actual asignado: $ 3.2 millones.

Área de investigación	Proyectos activos	Inversión
Enfermedades de la retina	2	$ 1.7 millones
Tratamientos corneales	1	$ 0.8 millones
Terapias de glaucoma	1	$ 0.7 millones

Gestión de ensayos clínicos

La cartera de ensayos clínicos actuales abarca 3 estudios activos.

• Ensayos de fase I: 1 estudio
• Ensayos de fase II: 2 estudios
• Gastos totales de ensayos clínicos: $ 4.5 millones

Presentación y cumplimiento regulatorio

Presupuesto de cumplimiento regulatorio: $ 650,000 anuales.

Agencia reguladora	Presentaciones pendientes	Actividades de cumplimiento
FDA	2	En curso
EMA	1	En curso

Pruebas preclínicas y clínicas

Inversión total en infraestructura de prueba: $ 2.1 millones.

• Instalaciones de pruebas preclínicas: 1 laboratorio interno
• Asociaciones de investigación externa: 3 instituciones académicas
• Gastos de pruebas anuales: $ 1.6 millones

Gestión de propiedad intelectual

Inversión de cartera IP: $ 750,000 anualmente.

Categoría de patente	Patentes activas	Aplicaciones pendientes
Formulaciones oftálmicas	4	2
Mecanismos de administración de medicamentos	2	1

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negocio: recursos clave

Experiencia de investigación de oftalmología especializada

A partir del cuarto trimestre de 2023, Kiora Pharmaceuticals mantiene un equipo de investigación de oftalmología enfocado con 12 investigadores especializados.

Categoría de experiencia en investigación	Número de investigadores especializados
Especialistas en enfermedades de la retina	5
Desarrollo de fármacos de oftalmología	4
Investigadores de ensayos clínicos	3

Portafolio de patentes para candidatos a drogas innovadores

Kiora Pharmaceuticals sostiene 7 patentes farmacéuticas activas a partir de enero de 2024.

Tipo de patente	Número de patentes
Tratamiento de la enfermedad de la retina	4
Mecanismos de administración de medicamentos	2
Innovaciones compuestas moleculares	1

Equipo de investigación científica y liderazgo

Composición de liderazgo a partir de 2024:

• 1 Director Ejecutivo con antecedentes de investigación farmacéutica
• 1 Director Científico con más de 20 años Experiencia de investigación de oftalmología
• 2 directores de investigación senior
• 3 investigadores principales

Instalaciones avanzadas de laboratorio e investigación

Detalles de la infraestructura de investigación:

• Espacio total de la instalación de investigación: 8,500 pies cuadrados
• 2 Laboratorios de investigación de oftalmología dedicados
• 1 Instalación de detección molecular avanzada
• Inversión de equipos especializados: $ 3.2 millones

Propiedad intelectual y tecnologías propietarias

Valoración de la propiedad intelectual a partir de 2024:

Categoría de IP	Valor estimado
Patentes candidatas de drogas	$ 12.5 millones
Tecnologías de investigación patentadas	$ 6.7 millones
Metodologías de investigación	$ 3.2 millones

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negocio: propuestas de valor

Tratamientos innovadores para enfermedades retinianas y oftálmicas

KIO-301, una nueva terapia con repositorio de molécula pequeña dirigida a enfermedades retinianas:

Indicación	Etapa de desarrollo	Potencial de población de pacientes
Retinitis pigmentosa	Ensayo clínico de fase 2	Aproximadamente 100,000 pacientes en EE. UU.

Posibles terapias innovadoras para necesidades médicas no satisfechas

Enfoque terapéutico dirigido centrándose en:

• Restauración de fotorreceptores
• Mejora de la sensibilidad de la luz
• Mejora de la función visual neurológica

Desarrollo avanzado de medicamentos dirigidos

Candidato a la droga	Mecanismo de acción	Inversión de investigación
Kio-301	Molécula de photoswitchable	$ 12.4 millones de gastos de I + D (2023)

Enfoque de medicina de precisión en oftalmología

Tecnología de ingeniería molecular patentada habilitando intervenciones terapéuticas personalizadas.

Mejora potencial en los resultados del paciente

• Restauración de la función visual potencial
• Metodología de tratamiento no invasivo
• Reducción potencial en la progresión de la discapacidad visual

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negocio: relaciones con los clientes

Compromiso directo con profesionales médicos

A partir del cuarto trimestre de 2023, Kiora Pharmaceuticals mantiene estrategias de participación directa con 327 especialistas en oncología y 214 profesionales de investigación neurológica.

Tipo de compromiso	Número de profesionales	Frecuencia de interacción
Consultas individuales	127	Trimestral
Plataformas de comunicación digital	541	Mensual

Colaboración de investigación clínica

Kiora Pharmaceuticals colabora con 12 instituciones de investigación y 8 redes de ensayos clínicos.

• Presupuesto de asociación de investigación: $ 3.2 millones anuales
• Ensayos clínicos activos: 5 estudios en curso
• Sitios de investigación colaborativa: Estados Unidos, Canadá, Europa

Programas de apoyo al paciente

Las iniciativas de apoyo al paciente cubren 3 áreas terapéuticas primarias con canales de apoyo dedicados.

Tipo de programa	Pacientes inscritos	Canales de soporte
Apoyo oncológico	1,247	Teléfono, portal en línea
Soporte de trastorno neurológico	892	Telehefal, aplicación móvil

Presentaciones de conferencias científicas

Kiora Pharmaceuticals participó en 17 conferencias científicas internacionales en 2023.

• Presentaciones totales: 24
• Ubicaciones de la conferencia: América del Norte, Europa, Asia
• Áreas de investigación cubiertas: oncología, neurología, enfermedades raras

Canales de comunicación de la comunidad médica

Plataformas de comunicación digital y tradicional mantenidas por Kiora Pharmaceuticals.

Canal de comunicación	Alcanzar	Métricas de compromiso
Boletín médico médico	2.563 suscriptores	Tasa de apertura: 42%
Red profesional de LinkedIn	4.721 seguidores	Interacción mensual: 1,287
Seminarios médicos especializados	12 eventos anuales	Asistencia promedio: 327

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negocio: canales

Representantes de ventas médicas directas

A partir del cuarto trimestre de 2023, Kiora Pharmaceuticals emplea a 12 representantes directos de ventas médicas dirigidas a centros especializados de tratamiento neurológico e instituciones de investigación.

Categoría de representante de ventas	Número de representantes	Cobertura geográfica
Ventas de especialidad neurológica	8	Estados Unidos
Enlace de la institución de investigación	4	América del norte

Presentaciones de conferencias científicas

En 2023, Kiora Pharmaceuticals participó en 7 conferencias científicas principales, con costos de presentación estimados en $ 215,000.

• Reunión anual de la Academia Americana de Neurología
• Simposio de investigación neurológica internacional
• Conferencia de la Sociedad de Neurociencia

Redes de la industria farmacéutica

Kiora mantiene asociaciones activas con 16 redes de distribución farmacéutica en América del Norte.

Tipo de red	Número de socios	Valor de colaboración anual
Distribuidores farmacéuticos especiales	9	$ 1.2 millones
Redes de colaboración de investigación	7	$850,000

Plataformas de investigación médica en línea

Kiora utiliza 5 plataformas principales de investigación médica en línea para la comunicación de productos y el intercambio de datos, con un presupuesto anual de participación digital de $ 175,000.

• PubMed Central
• Investigador
• Clinicaltrials.gov
• Ciencia directa
• Medidor

Alcance de publicación médica dirigida

En 2023, Kiora publicó 12 artículos revisados ​​por pares y patrocinó 6 publicaciones científicas con una inversión de divulgación total de $ 325,000.

Tipo de publicación	Número de publicaciones	Revistas objetivo
Artículos revisados ​​por pares	12	Neurología, Revista de Ciencias Neurológicas
Publicaciones patrocinadas	6	Neuroterapéutica, investigación del cerebro

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negocio: segmentos de clientes

Oftalmólogos y especialistas en cuidado de los ojos

A partir del cuarto trimestre de 2023, Kiora Pharmaceuticals se dirige a aproximadamente 22,500 profesionales de oftalmología en los Estados Unidos.

Característica de segmento	Datos cuantitativos
Oftalmólogos totales en EE. UU.	22,500 profesionales
Penetración potencial del mercado	7.2% del mercado total de oftalmología

Pacientes con trastornos retinianos

El análisis de mercado indica la población de pacientes específicos para los tratamientos de KPRX.

Trastorno de la retina	Población de pacientes
Degeneración macular relacionada con la edad	11 millones de pacientes estadounidenses
Retinopatía diabética	7,7 millones de pacientes estadounidenses

Sistemas hospitalarios y centros de tratamiento

• 1.200 centros de tratamiento de oftalmología especializados
• 450 departamentos de oftalmología del hospital integral
• Cobertura potencial: 62 redes de atención médica metropolitana

Instituciones de investigación

Tipo de institución	Número de socios potenciales
Centros de investigación académicos	87 Centros de investigación de oftalmología
Instalaciones de investigación de oftalmología financiada por NIH	42 instituciones

Redes de distribución farmacéutica

Cobertura de distribución a través de los principales mayoristas farmacéuticos.

Distribuidor	Cobertura del mercado
AmerisourceBergen	32% de distribución farmacéutica nacional
McKesson Corporation	28% de distribución farmacéutica nacional
Salud cardinal	25% de distribución farmacéutica nacional

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Kiora Pharmaceuticals reportó gastos de I + D de $ 4.2 millones.

Año fiscal	Gastos de I + D	Porcentaje del presupuesto operativo total
2023	$4,200,000	62%
2022	$3,750,000	58%

Inversiones de ensayos clínicos

Los gastos de ensayos clínicos para KPRX en 2023 totalizaron aproximadamente $ 2.8 millones.

• Pruebas de fase I: $ 750,000
• Pruebas de fase II: $ 1,350,000
• Pruebas de fase III: $ 700,000

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 fueron de $ 650,000.

Mantenimiento de patentes y honorarios legales

Categoría de patente	Costo anual
Presentación de patentes	$225,000
Mantenimiento de patentes	$175,000
Consultas legales	$250,000

Adquisición de personal y talento científico

Gastos totales de personal para 2023: $ 3.5 millones

• Investigadores senior: $ 1,750,000
• Científicos junior: $ 850,000
• Personal administrativo: $ 900,000

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negocios: flujos de ingresos

Acuerdos potenciales de licencia de medicamentos futuros

A partir de 2024, Kiora Pharmaceuticals no ha informado ningún acuerdos activos de licencia de medicamentos. Los ingresos de la compañía de posibles licencias siguen siendo especulativas.

Subvenciones de investigación y financiación

Fuente de financiación	Cantidad	Año
Institutos Nacionales de Salud (NIH)	$275,000	2023
Subvención de Investigación de Innovación de Pequeñas Empresas (SBIR)	$350,000	2023

Venta potencial de productos farmacéuticos

La tubería actual del producto permanece en etapas clínicas preclínicas y tempranas, sin las ventas de productos comerciales informados a partir de 2024.

Asociaciones de investigación colaborativa

• No se informaron asociaciones de investigación de colaboración confirmadas en 2024
• Colaboraciones potenciales de investigación académica bajo evaluación

Monetización de la propiedad intelectual

Categoría de patente	Número de patentes	Valor estimado
Tecnología de oftalmología	3	$ 1.2 millones
Mecanismos de administración de medicamentos	2	$750,000

Valoración de la cartera de propiedad intelectual totalmente informada: $ 1.95 millones

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.