Kiora Pharmaceuticals, Inc. (KPRX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No domínio dinâmico da biotecnologia, a Kiora Pharmaceuticals, Inc. (KPRX) emerge como uma força pioneira no desenvolvimento de medicamentos oftálmicos, navegando estrategicamente na complexa paisagem de tratamentos de doenças da retina. Ao alavancar pesquisas de ponta, parcerias estratégicas e uma tela inovadora de modelo de negócios, esta empresa farmacêutica especializada está pronta para transformar os cuidados oftalmológicos por meio de medicina de precisão e terapias inovadoras que atendem às necessidades médicas críticas não atendidas na saúde da visão.

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com instituições de pesquisa acadêmica

A partir de 2024, a Kiora Pharmaceuticals estabeleceu parcerias de pesquisa com as seguintes instituições acadêmicas:

Instituição	Foco na pesquisa	Status de colaboração
Universidade da Califórnia, San Diego	Oftalmologia Pesquisa	Parceria ativa
Centro Médico da Universidade de Stanford	Terapêutica da doença da retina	Contrato de pesquisa em andamento

Potenciais parcerias de desenvolvimento farmacêutico

As colaborações atuais de desenvolvimento farmacêutico incluem:

• Regeneron Pharmaceuticals - Discussões exploratórias de desenvolvimento de medicamentos
• Allergan Pharmaceuticals - colaboração terapêutica potencial oftalmologia
• Divisão de Oftalmologia da Novartis - Exploração de Parceria em estágio inicial

Organizações de pesquisa contratada para ensaios clínicos

A Kiora Pharmaceuticals envolveu as seguintes organizações de pesquisa de contrato (CROs):

Nome do CRO	Fase de teste	Valor do contrato
Icon plc	Ensaios clínicos de fase II	US $ 2,3 milhões
Medpace Holdings	Pesquisa pré -clínica	US $ 1,7 milhão

Acordos de licenciamento em potencial para candidatos a drogas

Status de exploração atual de licenciamento:

• KRX -100 Ophthalmology Therapeutic - Discussões de licenciamento com 3 parceiros farmacêuticos em potencial
• Plataforma de tratamento de doenças da retina - negociações preliminares de licenciamento

Redes de pesquisa de biotecnologia

As colaborações de rede incluem:

• Instituto de Medicina Regenerativa da Califórnia (CIRM) - Associação da Rede de Pesquisa
• Consórcio de Pesquisa de Oftalmologia Internacional - Participante Ativo
• Organização de Inovação de Biotecnologia (BIO) - Plataforma de rede estratégica

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negócios: Atividades -chave

Pesquisa e Desenvolvimento de Drogas Oftálmicas

A partir de 2024, a Kiora Pharmaceuticals se concentra no desenvolvimento de novas terapêuticas oftalmológicas. Orçamento de pesquisa atual alocado: US $ 3,2 milhões.

Área de pesquisa	Projetos ativos	Investimento
Doenças da retina	2	US $ 1,7 milhão
Tratamentos da córnea	1	US $ 0,8 milhão
Terapias de glaucoma	1	US $ 0,7 milhão

Gerenciamento de ensaios clínicos

O portfólio atual de ensaios clínicos abrange 3 estudos ativos.

• Ensaios de Fase I: 1 Estudo
• Ensaios de Fase II: 2 estudos
• Despesas totais de ensaios clínicos: US $ 4,5 milhões

Submissão e conformidade regulatórios

Orçamento de conformidade regulatória: US $ 650.000 anualmente.

Agência regulatória	Envios pendentes	Atividades de conformidade
FDA	2	Em andamento
Ema	1	Em andamento

Teste pré -clínico e clínico

Investimento total em infraestrutura de teste: US $ 2,1 milhões.

• Instalações de teste pré -clínicas: 1 laboratório interno
• Parcerias de pesquisa externa: 3 instituições acadêmicas
• Despesas com testes anuais: US $ 1,6 milhão

Gerenciamento de propriedade intelectual

Investimento de portfólio de IP: US $ 750.000 anualmente.

Categoria de patentes	Patentes ativas	Aplicações pendentes
Formulações oftálmicas	4	2
Mecanismos de entrega de medicamentos	2	1

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negócios: Recursos -chave

Experiência especializada em pesquisa de oftalmologia

No quarto trimestre 2023, a Kiora Pharmaceuticals mantém uma equipe de pesquisa de oftalmologia focada com 12 pesquisadores especializados.

Categoria de especialização de pesquisa	Número de pesquisadores especializados
Especialistas em doenças da retina	5
Oftalmologia Desenvolvimento de Medicamentos	4
Pesquisadores de ensaios clínicos	3

Portfólio de patentes para candidatos inovadores de drogas

Kiora Pharmaceuticals possui 7 patentes farmacêuticas ativas em janeiro de 2024.

Tipo de patente	Número de patentes
Tratamento da doença da retina	4
Mecanismos de entrega de medicamentos	2
Inovações de compostos moleculares	1

Equipe de pesquisa científica e liderança

Composição de liderança em 2024:

• 1 CEO da CEO da Pesquisa Farmacêutica
• 1 Diretor Científico com mais de 20 anos de experiência em pesquisa de oftalmologia
• 2 diretores de pesquisa seniores
• 3 pesquisadores principais

Instalações avançadas de laboratório e pesquisa

Detalhes da infraestrutura de pesquisa:

• Espaço total da instalação de pesquisa: 8.500 pés quadrados
• 2 Laboratórios de Pesquisa de Oftalmologia dedicada
• 1 instalação avançada de triagem molecular
• Investimento especializado em equipamentos: US $ 3,2 milhões

Propriedade intelectual e tecnologias proprietárias

Avaliação da propriedade intelectual a partir de 2024:

Categoria IP	Valor estimado
Patentes de candidatos a drogas	US $ 12,5 milhões
Tecnologias de pesquisa proprietárias	US $ 6,7 milhões
Metodologias de pesquisa	US $ 3,2 milhões

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negócios: proposições de valor

Tratamentos inovadores para doenças retinianas e oftalmológicas

KIO-301, um novo Photos de pequenas moléculas terapia que direciona doenças da retina:

Indicação	Estágio de desenvolvimento	Potencial população de pacientes
Retinite pigmentosa	Ensaio clínico de fase 2	Aproximadamente 100.000 pacientes nos EUA

Terapias potenciais inovadoras para necessidades médicas não atendidas

Abordagem terapêutica direcionada com foco em:

• Restauração de fotorreceptores
• Melhoramento da sensibilidade à luz
• Melhoria da função visual neurológica

Desenvolvimento avançado de medicamento direcionado

Candidato a drogas	Mecanismo de ação	Investimento em pesquisa
KIO-301	Molécula Photoswitchable	US $ 12,4 milhões de despesas de P&D (2023)

Abordagem de medicina de precisão em oftalmologia

Tecnologia de engenharia molecular proprietária permitindo intervenções terapêuticas personalizadas.

Melhoria potencial nos resultados dos pacientes

• Restauração potencial de função visual
• Metodologia de tratamento não invasiva
• Redução potencial na progressão do comprometimento visual

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais médicos

A partir do quarto trimestre 2023, a Kiora Pharmaceuticals mantém estratégias de engajamento direto com 327 especialistas em oncologia e 214 profissionais de pesquisa neurológica.

Tipo de engajamento	Número de profissionais	Frequência de interação
Consultas individuais	127	Trimestral
Plataformas de comunicação digital	541	Mensal

Colaboração de pesquisa clínica

A Kiora Pharmaceuticals colabora com 12 instituições de pesquisa e 8 redes de ensaios clínicos.

• Orçamento da Parceria de Pesquisa: US $ 3,2 milhões anualmente
• Ensaios clínicos ativos: 5 estudos em andamento
• Sites de pesquisa colaborativa: Estados Unidos, Canadá, Europa

Programas de apoio ao paciente

As iniciativas de apoio ao paciente cobrem 3 áreas terapêuticas primárias com canais de suporte dedicados.

Tipo de programa	Pacientes inscritos	Canais de suporte
Apoio a oncologia	1,247	Telefone, portal online
Apoio ao distúrbio neurológico	892	Telessaúde, aplicativo móvel

Apresentações da conferência científica

A Kiora Pharmaceuticals participou de 17 conferências científicas internacionais em 2023.

• Apresentações totais: 24
• Locais da conferência: América do Norte, Europa, Ásia
• Áreas de pesquisa cobertas: oncologia, neurologia, doenças raras

Canais de comunicação comunitária médica

Plataformas de comunicação digital e tradicional mantidas pela Kiora Pharmaceuticals.

Canal de comunicação	Alcançar	Métricas de engajamento
Newsletter profissional médico	2.563 assinantes	Taxa de abertura: 42%
Rede Profissional do LinkedIn	4.721 seguidores	Interação mensal: 1.287
Webinars médicos especializados	12 eventos anuais	Participação média: 327

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negócios: canais

Representantes de vendas médicas diretas

A partir do quarto trimestre 2023, a Kiora Pharmaceuticals emprega 12 representantes de vendas médicas diretas que visam centros de tratamento neurológico especializados e instituições de pesquisa.

Categoria representativa de vendas	Número de representantes	Cobertura geográfica
Vendas de especialidade neurológica	8	Estados Unidos
Ligação da instituição de pesquisa	4	América do Norte

Apresentações da conferência científica

Em 2023, a Kiora Pharmaceuticals participou de 7 principais conferências científicas, com custos de apresentação estimados em US $ 215.000.

• Reunião Anual da Academia Americana de Neurologia
• Simpósio Internacional de Pesquisa Neurológica
• Conferência da Sociedade para Neurociência

Redes da indústria farmacêutica

A Kiora mantém parcerias ativas com 16 redes de distribuição farmacêutica na América do Norte.

Tipo de rede	Número de parceiros	Valor anual de colaboração
Distribuidores farmacêuticos especializados	9	US $ 1,2 milhão
Redes de colaboração de pesquisa	7	$850,000

Plataformas de pesquisa médica online

A Kiora utiliza 5 plataformas de pesquisa médica on -line primárias para comunicação de produtos e compartilhamento de dados, com um orçamento anual de engajamento digital de US $ 175.000.

• PubMed Central
• Pesquisa
• ClinicalTrials.gov
• Ciência direta
• Medscape

Publicação médica direcionada divulgação

Em 2023, Kiora publicou 12 artigos revisados ​​por pares e patrocinou 6 publicações científicas com um investimento total de US $ 325.000.

Tipo de publicação	Número de publicações	Jornais -alvo
Artigos revisados ​​por pares	12	Neurologia, Journal of Neurological Sciences
Publicações patrocinadas	6	Neuroterapêuticos, pesquisa cerebral

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

Oftalmologistas e especialistas em cuidados com os olhos

A partir do quarto trimestre de 2023, a Kiora farmacêutica tem como alvo aproximadamente 22.500 profissionais de oftalmologia nos Estados Unidos.

Característica do segmento	Dados quantitativos
Oftalmologistas totais em nós	22.500 profissionais
Penetração potencial de mercado	7,2% do mercado total de oftalmologia

Pacientes com distúrbios da retina

A análise de mercado indica a população de pacientes direcionados para tratamentos KPRX.

Transtorno da retina	População de pacientes
Degeneração macular relacionada à idade	11 milhões de pacientes nos EUA
Retinopatia diabética	7,7 milhões de pacientes nos EUA

Sistemas hospitalares e centros de tratamento

• 1.200 centros de tratamento de oftalmologia especializados
• 450 Departamentos de Oftalmologia do Hospital Abrangente
• Cobertura potencial: 62 redes metropolitanas de saúde

Instituições de pesquisa

Tipo de instituição	Número de parceiros em potencial
Centros de pesquisa acadêmica	87 Centros de Pesquisa de Oftalmologia
Instalações de pesquisa oftalmológicas financiadas pelo NIH	42 instituições

Redes de distribuição farmacêutica

Cobertura de distribuição em principais atacadistas farmacêuticos.

Distribuidor	Cobertura de mercado
Amerisourcebergen	32% de distribuição farmacêutica nacional
McKesson Corporation	28% de distribuição farmacêutica nacional
Cardinal Health	25% de distribuição farmacêutica nacional

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Kiora Pharmaceuticals registrou despesas de P&D de US $ 4,2 milhões.

Ano fiscal	Despesas de P&D	Porcentagem do orçamento operacional total
2023	$4,200,000	62%
2022	$3,750,000	58%

Investimentos de ensaios clínicos

Os gastos com ensaios clínicos para KPRX em 2023 totalizaram aproximadamente US $ 2,8 milhões.

• Ensaios de Fase I: $ 750.000
• Ensaios de Fase II: US $ 1.350.000
• Ensaios de Fase III: US $ 700.000

Custos de conformidade regulatória

As despesas de conformidade regulatória para 2023 foram de US $ 650.000.

Manutenção de patentes e taxas legais

Categoria de patentes	Custo anual
Registro de patentes	$225,000
Manutenção de patentes	$175,000
Consultas legais	$250,000

Aquisição de funcionários e talentos científicos

Total de despesas de pessoal para 2023: US $ 3,5 milhões

• Pesquisadores seniores: US $ 1.750.000
• Cientistas juniores: US $ 850.000
• Equipe administrativo: US $ 900.000

Kiora Pharmaceuticals, Inc. (KPRX) - Modelo de negócios: fluxos de receita

Potenciais acordos futuros de licenciamento de medicamentos

A partir de 2024, a Kiora Pharmaceuticals não relatou nenhum acordo de licenciamento de medicamentos ativo. A receita da empresa com potencial licenciamento permanece especulativa.

Bolsas de pesquisa e financiamento

Fonte de financiamento	Quantia	Ano
Institutos Nacionais de Saúde (NIH)	$275,000	2023
Grant de pesquisa em pequenas empresas (SBIR)	$350,000	2023

Vendas potenciais de produtos farmacêuticos

O pipeline de produtos atuais permanece em estágios clínicos pré-clínicos e iniciais, sem vendas de produtos comerciais relatados a partir de 2024.

Parcerias de pesquisa colaborativa

• Nenhuma parceria de pesquisa colaborativa confirmada relatada em 2024
• Potenciais colaborações de pesquisa acadêmica em avaliação

Monetização da propriedade intelectual

Categoria de patentes	Número de patentes	Valor estimado
Tecnologia de Oftalmologia	3	US $ 1,2 milhão
Mecanismos de entrega de medicamentos	2	$750,000

Avaliação total da carteira de propriedade intelectual relatada: US $ 1,95 milhão

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.