Kiora Pharmaceuticals, Inc. (KPRX): Business Model Canvas [Dec-2025 Updated]

You're trying to map the operational engine of Kiora Pharmaceuticals, Inc. (KPRX), and frankly, what you find is the blueprint of a development-stage biotech: high-stakes research funded by smart partnerships, not product sales yet. This model hinges on turning intellectual property, like the molecular photoswitch in KIO-301, into future value through deals with players like Senju and Théa, all while managing significant cash burn-their R&D spend hit $2.7 million before reimbursements in Q3 2025. If you need to see exactly how they are deploying their $19.4 million cash pile and structuring their value proposition around unmet needs in retinal disease, the full Business Model Canvas details the strategy below.

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

You're looking at how Kiora Pharmaceuticals, Inc. (KPRX) structures its external relationships to advance KIO-301 and manage its clinical pipeline. These aren't just handshake agreements; they are critical financial and operational scaffolding for a clinical-stage company.

The core of Kiora Pharmaceuticals, Inc.'s (KPRX) strategy relies on leveraging specialized partners for geographic and operational reach, which helps extend the company's cash runway. As of late 2025, the company's expected cash runway is projected into late 2027, supported by these collaborations.

The key partnerships for KIO-301 development globally are segmented geographically, which is a smart way to de-risk development and commercialization costs.

Partner	Territory/Focus	Upfront/Initial Payment	Total Potential Value (Excluding Royalties)	Key Responsibility
Théa Open Innovation	Worldwide, excluding Asia	$16 million (Upfront)	Up to $285 million in milestones	Exclusive worldwide development and commercialization rights outside Asia
Senju Pharmaceutical	Asia (Japan and China)	$1.25 million (Option Fee)	Up to $110 million plus royalties	Exclusive development, regulatory, and commercial activities in the licensed territory if option is exercised

The combined potential value of the KIO-301 partnerships with Théa Open Innovation and Senju Pharmaceutical exceeds $400 million, plus tiered royalties on net sales.

For the Théa Open Innovation partnership, which began in January 2024, Kiora Pharmaceuticals, Inc. (KPRX) also receives tiered royalties of up to a low 20% on net sales and gets reimbursement for KIO-301 research and development expenses. For instance, the company recorded $1.3 million in reimbursed Q1 2025 R&D expenses from Théa Open Innovation.

The Senju Pharmaceutical agreement is structured as an exclusive option, contingent on topline data from the ongoing ABACUS-2 Phase 2 clinical trial. If Senju exercises this option, Kiora will receive an additional mid-single digit million upfront payment, along with development, regulatory, and commercial milestones.

Clinical trial execution requires external support, which is managed through relationships with Clinical Research Organizations (CROs) and trial sites. Kiora Pharmaceuticals, Inc. (KPRX) is actively running two Phase 2 clinical trials as of late 2025. The ABACUS-2 trial for KIO-301 is a multi-center, double-masked, randomized, controlled, multi-dose study targeting 36 patients with ultra-low vision or no light perception due to retinitis pigmentosa.

Operationally, the company's financial structure reflects these external commitments and milestones:

• Collaboration receivables stood at $2.4 million as of the second quarter of 2025.
• Research and development expenses before reimbursements were $2.6 million in the second quarter of 2025.
• The company reported a net loss of $2.2 million for the second quarter of 2025.
• Cash, cash equivalents, and short-term investments totaled $20.7 million at the end of the second quarter of 2025.

Kiora Pharmaceuticals, Inc. (KPRX) also engages with non-profit and advocacy groups to streamline drug development for rare diseases. The company joined the Global Genes RARE-X Vision Consortium on October 30, 2025.

This consortium is a corporate-nonprofit initiative focused on overcoming shared challenges in rare ocular disorder drug development. The RARE-X Vision Consortium focuses on concrete steps in three areas:

• Patient Identification & Recruitment for clinical trials.
• Development of better clinical outcome measures.
• Inclusive trial design, integrating patient perspectives early.

Data generated through this pre-competitive, open-source framework will be available at a de-identified, individual patient level to academic, nonprofit, and industry researchers worldwide. The Vision Consortium currently includes twelve rare disease advocacy organizations focused on eye conditions.

Finance: review Q3 2025 cash burn rate against the projected late 2027 runway by end of January.

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

You're looking at the core engine driving Kiora Pharmaceuticals, Inc. (KPRX) right now-the day-to-day work that translates science into potential shareholder value. This is where the cash is being spent and the milestones are being chased, all focused on small molecule therapeutics for retinal diseases.

Conducting Phase 2 Clinical Trials (KLARITY and ABACUS-2)

The primary activity is running two separate Phase 2 trials concurrently. This requires significant operational focus to keep enrollment moving. You need to know the scope of these efforts to gauge the near-term burn rate and potential inflection points.

The KLARITY trial is evaluating KIO-104 for retinal inflammation. This multicenter study is designed to investigate KIO-104 in up to 28 patients across several inflammatory retinal conditions, including posterior non-infectious uveitis and diabetic macular edema.

For KIO-301, the ABACUS-2 trial is actively dosing patients. This is a Phase 2, randomized, controlled clinical trial targeting vision restoration in patients with retinitis pigmentosa. Specifically, ABACUS-2 involves 36 patients with ultra-low vision or no light perception due to retinal degeneration.

Here's a look at the R&D investment tied to these activities:

Metric	Q1 2025	Q2 2025	Q3 2025
Reported R&D Expense (Before Reimbursement)	$2.5 million	$2.6 million	$2.7 million
Théa R&D Reimbursement Received/Recorded	$1.3 million (Q1)	$1.7 million (Q1/Q2 related)	$1.7 million (Q2/Q3 related)

Research and Development of Small Molecule Therapeutics for Retinal Diseases

The R&D function is dedicated to advancing KIO-104 and KIO-301, both small molecule candidates. This activity includes the ongoing work to support the Phase 2 trials and the underlying science for these DHODH inhibitor and molecular photoswitch platforms. The company explicitly stated it continues to anticipate higher net R&D expenses throughout 2025, driven by patient enrollment costs for the KLARITY study.

Securing and Maintaining Intellectual Property (e.g., KIO-104 Patent Protection until 2043)

Protecting the core assets is a critical, ongoing activity. Kiora has been successful in bolstering its IP position for KIO-104. The company strengthened and extended market exclusivity for KIO-104 into 2043 with the receipt of a patent covering methods for optimizing treatment of ocular inflammatory diseases.

You've seen multiple patents issued recently that support this timeline:

• US Patent No. 12,472,263 received in December 2025, covering additional and novel formulations of KIO-104, extending exclusivity to 2043.
• US Patent No. 12,364,680 secured in July 2025, also expected to extend exclusivity into 2043.
• A composition-of-matter patent (US-12209073-B2) was secured in February 2025, also extending protection until 2043.

This layered IP strategy is designed to create a manufacturing moat. It's defintely a key value driver.

Managing Strategic Co-development and Commercialization Partnerships

Managing the relationships with Théa Open Innovation and Senju Pharmaceutical is essential for funding R&D and securing global commercial rights. These partnerships provide non-dilutive capital and external commercial infrastructure.

The financial structure of these relationships is significant:

Partner/Deal	Asset	Potential Total Value (Excluding Royalties)	Upfront/Option Fee Received
Senju Pharmaceutical	KIO-301 (Asia)	Up to $110 million	$1.25 million (non-refundable option fee)
Théa Open Innovation	KIO-301 (Worldwide ex-Asia)	Up to $285 million (milestones)	$16 million (upfront payment in 2024)

The combined potential value of these strategic partnerships exceeds $400 million.

Managing the reimbursement flow is also part of this activity. For instance, in Q3 2025, Kiora billed $1.5 million in reimbursable R&D expenses to Théa, though only $0.3 million was received within that quarter.

The company's balance sheet reflects this activity, ending Q3 2025 with $19.4 million in cash, cash equivalents and short-term investments, supported by collaboration receivables of $1.2 million from Théa. This funding structure maintains a projected cash runway into late 2027.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Kiora Pharmaceuticals, Inc. (KPRX) relies on to drive its development pipeline forward. These aren't just line items on a balance sheet; they are the proprietary science and the capital needed to push molecules through clinical stages.

The financial foundation is critical for a clinical-stage company. As of the third quarter of 2025, Kiora Pharmaceuticals, Inc. reported its liquidity position, which directly funds ongoing operations and clinical trial execution. This cash position is a primary resource enabling the company to meet its near-term obligations.

Resource Category	Specific Item	Amount (Q3 2025)
Cash & Equivalents	Cash, cash equivalents, and short-term investments	$19.4 million
Receivables	Collaboration receivables from partners	$1.2 million
Receivables	Tax and research credit receivables	$1.5 million

The company projects this capital base supports its cash runway into late 2027, which is a key indicator of resource longevity for hitting upcoming clinical milestones.

The most valuable assets are the intellectual property rights covering the lead candidates. These patents create the necessary market exclusivity to potentially realize a return on the significant investment required for drug development. Kiora Pharmaceuticals, Inc. focuses its IP strategy around two main assets:

• Intellectual property for KIO-301 (molecular photoswitch).
• Intellectual property for KIO-104 (DHODH inhibitor).

For KIO-104, which is a next-generation, non-steroidal, immuno-modulatory, small-molecule inhibitor of dihydroorotate dehydrogenase (DHODH) for retinal inflammation, the IP is quite robust. Kiora Pharmaceuticals, Inc. secured a U.S. composition-of-matter patent covering a critical and unique polymorph, which offers enhanced molecular stability and solubility. This patent is expected to extend market protection for KIO-104 through 2043. Also, a December 2025 announcement confirmed a new U.S. patent covering additional and novel formulations for the KIO-100 family of compounds, further strengthening exclusivity.

KIO-301 is a molecular photoswitch designed to potentially restore vision in patients with inherited and/or age-related retinal degeneration, including retinitis pigmentosa, choroideremia, and Stargardt disease. This asset is managed through a strategic development and commercialization agreement with Théa Open Innovation, where Kiora Pharmaceuticals, Inc. is primarily responsible for clinical development design and implementation through Phase 2.

The human capital is concentrated in a specialized scientific and clinical development team. This team is essential for designing and executing the ongoing Phase 2 clinical trials, KLARITY (for KIO-104) and ABACUS-2 (for KIO-301). Based on available data, the total employee count for Kiora Pharmaceuticals, Inc. is reported as 12 total employees, indicating a lean structure relying heavily on specialized expertise and external partnerships.

Here's a quick look at the key IP assets and their focus:

• KIO-301: Molecular photoswitch; targets inherited/age-related retinal degeneration.
• KIO-104: DHODH inhibitor; targets retinal inflammation.
• KIO-104 IP: Includes composition-of-matter patent for a unique polymorph.
• KIO-104 IP: Extended market exclusivity projected into 2043.

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.