Kiora reports second quarter 2026 results and cash runway into late 2028

Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) reported financial results for the second quarter ended June 30, 2026, and gave a corporate update on August 7, 2026. The results were released as Exhibit 99.1 to a Form 8-K. The company ended the quarter with approximately $16.8 million in cash and short-term investments, compared with $13.9 million at March 31, 2026, and it expects its current resources to fund operations into late 2028.

The private placement

Kiora said it secured a private placement for up to $24.0 million in gross proceeds, including $5.0 million received upfront. The remaining proceeds are contingent on the exercise of near-term milestone-based warrants. According to the release, the increase in cash and short-term investments primarily reflected proceeds from the strategic equity financing completed during the quarter, partially offset by cash used in operations. The release names no placement agent or underwriter for the private placement.

The company also said that a strategic transaction completed by early next year would satisfy a warrant acceleration milestone provision in the placement. To the extent warrants are exercised, that could provide additional capital.

Second quarter results

Research and development expenses were approximately $2.1 million for the second quarter of 2026, before recognizing $1.3 million in reimbursable expenses from Théa Open Innovation. That compares with $2.6 million, before recognizing $1.7 million in reimbursable expenses, for the second quarter of 2025. General and administrative expenses were approximately $1.4 million in both quarters.

Net loss for the second quarter of 2026 was approximately $2.1 million, compared with a net loss of $2.2 million for the second quarter of 2025. Melissa Tosca, the chief financial officer, said the company's operating plan, expected collaboration reimbursements and available capital support funding operations into late 2028.

The company's annual report, filed March 25, 2026, shows revenue of $0 for 2025 and $16.0 million for 2024. Research and development expense was $10.8 million in 2025 and $7.8 million in 2024, and the company reported a net loss of $10.8 million for 2025, against net income of $3.6 million for 2024.

Pipeline and clinical timing

Brian Strem, Ph.D., Kiora's president and chief executive officer, said: "Patient demand for ABACUS-2 remains high as we have begun to enroll the higher 100 µg dose cohort." The release says ABACUS-2 is a randomized, double-masked, controlled Phase 2 trial of KIO-301 in patients with late-stage retinitis pigmentosa. An independent, predefined safety review will follow treatment of the first few patients in the higher-dose cohort, before enrollment of the remaining patients proceeds. Kiora expects the last patient, first visit in the first quarter of 2027, with topline data in the third quarter of 2027.

For KIO-104, Kiora is enrolling the higher-dose group of the Phase 2 KLARITY trial in macular edema due to retinal inflammation. The company says KIO-104 has been well tolerated based on safety information available to date, and it expects to report initial clinical data in late 2026.

Partners and business development

Kiora is responsible for conducting ABACUS-2, and development costs are reimbursed under its collaboration with Théa Open Innovation, which holds exclusive rights to KIO-301 in the U.S., Europe and other select countries outside Asia. Kiora has an option agreement with Senju covering Japan, China and other select countries, and it is evaluating a potential commercial partner for South Korea. The release says Kiora believes its current and potential regional partners could support planning for a coordinated global Phase 3 registration study, subject to regulatory feedback.

Kiora also continues to evaluate potential strategic transactions that could diversify and expand its development pipeline.

The risks ahead

The runway into late 2028 is the company's view, and it rests on the operating plan, expected collaboration reimbursements and available capital. Only $5.0 million of the private placement has arrived. The rest depends on warrant exercises, which means new shares if they happen. Kiora reported a net loss of $10.8 million and revenue of $0 for 2025. The release says a strategic transaction may not be completed on the anticipated terms or timeline, or at all. ABACUS-2 topline data are expected in the third quarter of 2027, and initial KIO-104 data in late 2026.

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