Kiora Pharmaceuticals, Inc. (KPRX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le domaine dynamique de la biotechnologie, Kiora Pharmaceuticals, Inc. (KPRX) émerge comme une force pionnière dans le développement de médicaments ophtalmiques, naviguant stratégiquement dans le paysage complexe des traitements de la maladie rétinienne. En tirant parti des recherches de pointe, des partenariats stratégiques et une toile innovante du modèle commercial, cette entreprise pharmaceutique spécialisée est prête à transformer les soins ophtalmologiques par la médecine de précision et les thérapies révolutionnaires qui répondent aux besoins médicaux critiques non satisfaits en santé visuelle.

Kiora Pharmaceuticals, Inc. (KPRX) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les établissements de recherche universitaires

En 2024, Kiora Pharmaceuticals a établi des partenariats de recherche avec les établissements universitaires suivants:

Institution	Focus de recherche	Statut de collaboration
Université de Californie, San Diego	Recherche en ophtalmologie	Partenariat actif
Centre médical de l'Université de Stanford	Thérapeutique des maladies rétiniennes	Accord de recherche en cours

Partenariats potentiels de développement pharmaceutique

Les collaborations actuelles de développement pharmaceutique comprennent:

• Regeneron Pharmaceuticals - Discussions sur le développement de médicaments exploratoires
• Allergan Pharmaceuticals - Collaboration thérapeutique potentielle en ophtalmologie
• Division Novartis Ophthalmology - Exploration de partenariat à un stade précoce

Organisations de recherche contractuelle pour les essais cliniques

Kiora Pharmaceuticals a engagé les organisations de recherche sous contrat suivantes (CRO):

Nom de CRO	Phase de procès	Valeur du contrat
Icône plc	Essais cliniques de phase II	2,3 millions de dollars
Medpace Holdings	Recherche préclinique	1,7 million de dollars

Accords de licence potentiels pour les candidats à la drogue

Statut d'exploration actuel des licences:

• KRX-100 Ophthalmology thérapeutique - Discussions sur l'octroi de licences avec 3 partenaires pharmaceutiques potentiels
• Plateforme de traitement des maladies rétiniennes - négociations de licence préliminaires

Réseaux de recherche en biotechnologie

Les collaborations de réseau comprennent:

• California Institute for Regenerative Medicine (Cirm) - Adhésion au réseau de recherche
• Consortium de recherche internationale en ophtalmologie - participant actif
• Biotechnology Innovation Organisation (BIO) - Plateforme de réseautage stratégique

Kiora Pharmaceuticals, Inc. (KPRX) - Modèle d'entreprise: Activités clés

Recherche et développement des médicaments ophtalmiques

En 2024, Kiora Pharmaceuticals se concentre sur le développement de nouvelles thérapies ophtalmiques. Budget de recherche actuel alloué: 3,2 millions de dollars.

Domaine de recherche	Projets actifs	Investissement
Maladies rétiniennes	2	1,7 million de dollars
Traitements cornéens	1	0,8 million de dollars
Thérapies de glaucome	1	0,7 million de dollars

Gestion des essais cliniques

Le portefeuille actuel des essais cliniques comprend 3 études actives.

• Essais de phase I: 1 étude
• Essais de phase II: 2 études
• Dépenses totales d'essais cliniques: 4,5 millions de dollars

Soumission et conformité réglementaires

Budget de conformité réglementaire: 650 000 $ par an.

Agence de réglementation	Soumissions en attente	Activités de conformité
FDA	2	En cours
Ema	1	En cours

Tests précliniques et cliniques

Investissement total dans les tests d'infrastructure: 2,1 millions de dollars.

• Installations de test précliniques: 1 laboratoire interne
• Partenariats de recherche externe: 3 établissements universitaires
• Dépenses de test annuelles: 1,6 million de dollars

Gestion de la propriété intellectuelle

Investissement de portefeuille IP: 750 000 $ par an.

Catégorie de brevet	Brevets actifs	Applications en attente
Formulations ophtalmiques	4	2
Mécanismes d'administration de médicament	2	1

Kiora Pharmaceuticals, Inc. (KPRX) - Modèle d'entreprise: Ressources clés

Expertise de recherche spécialisée en ophtalmologie

Depuis le quatrième trimestre 2023, Kiora Pharmaceuticals maintient une équipe de recherche en ophtalmologie ciblée avec 12 chercheurs spécialisés.

Catégorie d'expertise de recherche	Nombre de chercheurs spécialisés
Spécialistes des maladies rétiniennes	5
Développement de médicaments en ophtalmologie	4
Chercheurs d'essai cliniques	3

Portefeuille de brevets pour les candidats innovants en médicaments

Kiora Pharmaceuticals tient 7 brevets pharmaceutiques actifs En janvier 2024.

Type de brevet	Nombre de brevets
Traitement des maladies rétiniennes	4
Mécanismes d'administration de médicament	2
Innovations composées moléculaires	1

Équipe de recherche scientifique et leadership

Composition du leadership à partir de 2024:

• 1 PDG chez un historique de recherche pharmaceutique
• 1 directeur scientifique avec plus de 20 ans d'expérience de recherche en ophtalmologie
• 2 directeurs de recherche principaux
• 3 enquêteurs principaux

Installations avancées de laboratoire et de recherche

Détails de l'infrastructure de recherche:

• Espace total des installations de recherche: 8 500 pieds carrés
• 2 laboratoires de recherche en ophtalmologie dédiés
• 1 installation de dépistage moléculaire avancée
• Investissement d'équipement spécialisé: 3,2 millions de dollars

Propriété intellectuelle et technologies propriétaires

Évaluation de la propriété intellectuelle à partir de 2024:

Catégorie IP	Valeur estimée
Brevets de drogue	12,5 millions de dollars
Technologies de recherche propriétaire	6,7 millions de dollars
Méthodologies de recherche	3,2 millions de dollars

Kiora Pharmaceuticals, Inc. (KPRX) - Modèle d'entreprise: propositions de valeur

Traitements innovants pour les maladies rétiniennes et ophtalmiques

Kio-301, une nouvelle thérapie photosondable à petite molécule ciblant les maladies rétiniennes:

Indication	Étape de développement	Population potentielle de patients
Rétinite pigmentaire	Essai clinique de phase 2	Environ 100 000 patients aux États-Unis

Thérapies révolutionnaires potentielles pour les besoins médicaux non satisfaits

Approche thérapeutique ciblée en se concentrant sur:

• Restauration des photorécepteurs
• Amélioration de la sensibilité à la lumière
• Amélioration de la fonction visuelle neurologique

Développement avancé de médicaments ciblés

Drogue	Mécanisme d'action	Investissement en recherche
Kio-301	Molécule par opuste	Dépenses de R&D de 12,4 millions de dollars (2023)

Approche de la médecine de précision en ophtalmologie

Technologie de génie moléculaire propriétaire permettant des interventions thérapeutiques personnalisées.

Amélioration potentielle des résultats des patients

• Restauration potentielle de la fonction visuelle
• Méthodologie de traitement non invasive
• Réduction potentielle de la progression des troubles visuels

Kiora Pharmaceuticals, Inc. (KPRX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Depuis le quatrième trimestre 2023, Kiora Pharmaceuticals maintient des stratégies d'engagement directes avec 327 spécialistes en oncologie et 214 professionnels de la recherche neurologique.

Type d'engagement	Nombre de professionnels	Fréquence d'interaction
Consultations individuelles	127	Trimestriel
Plateformes de communication numérique	541	Mensuel

Collaboration de recherche clinique

Kiora Pharmaceuticals collabore avec 12 institutions de recherche et 8 réseaux d'essais cliniques.

• Budget de partenariat de recherche: 3,2 millions de dollars par an
• Essais cliniques actifs: 5 études en cours
• Sites de recherche collaborative: États-Unis, Canada, Europe

Programmes de soutien aux patients

Les initiatives de soutien des patients couvrent 3 zones thérapeutiques primaires avec des canaux de soutien dédiés.

Type de programme	Patients inscrits	Canaux de support
Support en oncologie	1,247	Téléphone, portail en ligne
Support des troubles neurologiques	892	Télésanté, application mobile

Présentations de la conférence scientifique

Kiora Pharmaceuticals a participé à 17 conférences scientifiques internationales en 2023.

• Présentations totales: 24
• Emplacements de la conférence: Amérique du Nord, Europe, Asie
• Domaines de recherche couverts: oncologie, neurologie, maladies rares

Canaux de communication de la communauté médicale

Plateformes de communication numériques et traditionnelles entretenues par Kiora Pharmaceuticals.

Canal de communication	Atteindre	Métriques d'engagement
Newsletter professionnel de la santé	2 563 abonnés	Taux ouvert: 42%
LinkedIn Professional Network	4 721 abonnés	Interaction mensuelle: 1 287
Webinaires médicaux spécialisés	12 événements annuels	Associé moyen: 327

Kiora Pharmaceuticals, Inc. (KPRX) - Modèle d'entreprise: canaux

Représentants des ventes médicales directes

Depuis le quatrième trimestre 2023, Kiora Pharmaceuticals emploie 12 représentants directs des ventes médicales ciblant des centres de traitement neurologiques spécialisés et des institutions de recherche.

Catégorie de représentation des ventes	Nombre de représentants	Couverture géographique
Ventes de spécialité neurologique	8	États-Unis
Liaison de l'institution de recherche	4	Amérique du Nord

Présentations de la conférence scientifique

En 2023, Kiora Pharmaceuticals a participé à 7 conférences scientifiques majeures, avec des coûts de présentation estimés à 215 000 $.

• American Academy of Neurology Annual
• Symposium international de recherche neurologique
• Conférence de la Société pour les neurosciences

Réseaux de l'industrie pharmaceutique

Kiora maintient des partenariats actifs avec 16 réseaux de distribution pharmaceutique à travers l'Amérique du Nord.

Type de réseau	Nombre de partenaires	Valeur de collaboration annuelle
Distributeurs pharmaceutiques spécialisés	9	1,2 million de dollars
Réseaux de collaboration de recherche	7	$850,000

Plateformes de recherche médicale en ligne

Kiora utilise 5 principales plateformes de recherche médicale en ligne pour la communication des produits et le partage de données, avec un budget annuel d'engagement numérique de 175 000 $.

• PubMed Central
• Researchgate
• ClinicalTrials.gov
• Science directe
• Medscape

Outre la publication médicale ciblée

En 2023, Kiora a publié 12 articles évalués par des pairs et parrainé 6 publications scientifiques avec un investissement total de sensibilisation de 325 000 $.

Type de publication	Nombre de publications	Journaux cibler
Articles évalués par des pairs	12	Neurologie, Journal of Neurological Sciences
Publications sponsorisées	6	Neurothérapie, recherche cérébrale

Kiora Pharmaceuticals, Inc. (KPRX) - Modèle d'entreprise: segments de clientèle

Ophtalmologistes et spécialistes des soins oculaires

Au quatrième trimestre 2023, Kiora Pharmaceuticals cible environ 22 500 professionnels en ophtalmologie aux États-Unis.

Caractéristique du segment	Données quantitatives
Total ophtalmologistes aux États-Unis	22 500 professionnels
Pénétration potentielle du marché	7,2% du marché total en ophtalmologie

Patients souffrant de troubles rétiniens

L'analyse du marché indique une population de patients ciblée pour les traitements KPRX.

Trouble rétinien	Population de patients
Dégénérescence maculaire liée à l'âge	11 millions de patients américains
Rétinopathie diabétique	7,7 millions de patients américains

Systèmes et centres de traitement hospitaliers

• 1 200 centres de traitement spécialisés en ophtalmologie
• 450 départements complets de l'hôpital en ophtalmologie
• Couverture potentielle: 62 réseaux de soins de santé métropolitains

Institutions de recherche

Type d'institution	Nombre de partenaires potentiels
Centres de recherche universitaires	87 centres de recherche en ophtalmologie
Installations de recherche en ophtalmologie financée par les NIH	42 institutions

Réseaux de distribution pharmaceutique

Couverture de distribution dans les gros grossistes pharmaceutiques.

Distributeur	Couverture du marché
Amerisourcebergen	32% de distribution pharmaceutique nationale
McKesson Corporation	28% de distribution pharmaceutique nationale
Santé cardinale	25% de distribution pharmaceutique nationale

Kiora Pharmaceuticals, Inc. (KPRX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Kiora Pharmaceuticals a déclaré des dépenses de R&D de 4,2 millions de dollars.

Exercice fiscal	Dépenses de R&D	Pourcentage du budget opérationnel total
2023	$4,200,000	62%
2022	$3,750,000	58%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour KPRX en 2023 ont totalisé environ 2,8 millions de dollars.

• Essais de phase I: 750 000 $
• Essais de phase II: 1 350 000 $
• Essais de phase III: 700 000 $

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 étaient de 650 000 $.

Entretien de prévention des brevets et frais juridiques

Catégorie de brevet	Coût annuel
Dépôt de brevet	$225,000
Entretien de brevets	$175,000
Consultations juridiques	$250,000

Acquisition du personnel et des talents scientifiques

Total des dépenses du personnel pour 2023: 3,5 millions de dollars

• Chercheurs seniors: 1 750 000 $
• Scientifiques juniors: 850 000 $
• Personnel administratif: 900 000 $

Kiora Pharmaceuticals, Inc. (KPRX) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence de médicament potentiel

En 2024, Kiora Pharmaceuticals n'a signalé aucun accord de licence de médicament actif. Les revenus de la société provenant de licences potentielles restent spéculatives.

Subventions et financement de recherche

Source de financement	Montant	Année
National Institutes of Health (NIH)	$275,000	2023
Grant de recherche sur l'innovation des petites entreprises (SBIR)	$350,000	2023

Ventes potentielles de produits pharmaceutiques

Le pipeline de produits actuel reste en phases cliniques précliniques et précoces, sans vente de produits commerciaux signalés en 2024.

Partenariats de recherche collaborative

• Aucun partenariat de recherche collaboratif confirmé signalé en 2024
• Collaborations potentielles de recherche universitaire en cours d'évaluation

Monétisation de la propriété intellectuelle

Catégorie de brevet	Nombre de brevets	Valeur estimée
Technologie en ophtalmologie	3	1,2 million de dollars
Mécanismes d'administration de médicament	2	$750,000

Évaluation totale du portefeuille de propriété intellectuelle: 1,95 million de dollars

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.