Kiora Pharmaceuticals Reports Strong 2024 Results, Advances Retinal Disease Pipeline

Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) has announced its financial results for 2024, highlighting significant progress in its retinal disease drug development pipeline and a strong financial position that is expected to fund operations into 2027.

Financial Performance and Strategic Collaboration

Kiora ended 2024 with $26.8 million in cash, cash equivalents, and short-term investments, along with $0.9 million in collaboration and tax receivables. The company reported net income of $3.6 million for 2024, compared to a net loss of $12.5 million in 2023. This positive shift was largely attributed to the recognition of $16 million in collaboration revenue from its strategic partnership with Laboratoires Théa.

Research and development expenses for 2024 were $7.8 million, before accounting for $2.9 million in reimbursed R&D expenses from Laboratoires Théa. General and administrative expenses for the year were $5.5 million, consistent with 2023 levels.

Advancing Clinical Trials for Retinal Diseases

Kiora has made significant strides in its clinical development programs, with two Phase 2 trials set to begin enrolling patients in the coming months:

1. The KLARITY study will evaluate KIO-104 in patients with retinal inflammation. This potent, locally delivered small molecule aims to offer an alternative to chronic steroid use or systemic anti-inflammatory drugs. The first patient is expected to be dosed in the second quarter of 2025.

2. The ABACUS-2 study will assess KIO-301 in patients with advanced retinitis pigmentosa. This 36-patient, multi-center, double-masked, randomized, controlled, multi-dose study will focus on patients with ultra-low vision or no light perception. Dosing of the first patient is anticipated to begin this year.

Brian M. Strem, Ph.D., President & Chief Executive Officer of Kiora, emphasized the importance of demonstrating improvement in functional vision for both marketing authorization and reimbursement. The company is refining clinical endpoints to measure clinically meaningful improvement in patients with no vision or bare light perception.

Pipeline and Future Outlook

Kiora's pipeline includes two key candidates:

1. KIO-301: A molecular photoswitch being developed for the treatment of retinitis pigmentosa, choroideremia, and Stargardt disease.

2. KIO-104: A next-generation, non-steroidal, immuno-modulatory small-molecule inhibitor of dihydroorotate dehydrogenase (DHODH) for the treatment of retinal inflammation.

The company expects to report data from both the KLARITY and ABACUS-2 trials in 2026. With its current financial position, Kiora anticipates having sufficient funds to operate beyond these critical data readouts, potentially into 2027.