Kiora Pharmaceuticals (KPRX) Q3 2026 earnings summary

Executive summary

• Q3 collaboration revenue was $1.0M from the CKD KIO-301 license; net loss was $1.75M versus net income of $26.8K a year earlier.

• October’s Senju KIO-401 license and KIO-104 discontinuation redirected focus toward KIO-401 and later-stage retinal programs.

• KIO-401, an oral calpain inhibitor supported by Japanese Phase 2 and Phase 3 studies, is being prepared for a multinational CRAO registration trial.

Financial highlights

• Q3 revenue was $1.0M; operating loss was $1.69M versus $794K in Q3 2025.

• Q3 net loss was $1.75M, or $0.28 per share, versus net income of $26.8K, or $0.01 per share, in Q3 2025.

• Q3 R&D expense was $1.95M versus $2.73M; KIO-301 collaboration credits were $886K versus $1.66M, and net R&D expense was $1.0M versus $1.1M.

• Q3 G&A expense rose to $1.58M from $1.44M, mainly on higher legal, investor relations and consulting costs, partly offset by lower personnel costs.

• 9M revenue was $1.0M in both years; net loss was $6.25M versus $4.32M, and operating loss was $6.41M versus $5.52M.

Outlook and guidance

• Planning a single multinational Phase 3 registration trial of KIO-401 in CRAO in 2027 and a Phase 2b trial in NAION; trial requirements remain subject to FDA discussions.

• A Type B pre-IND meeting request and supporting materials were submitted to discuss the IND pathway, trial design and endpoints; orphan drug designation was requested for KIO-401 in CRAO.

• Cash and short-term investments are expected to fund planned operations into late 2027, excluding the $12.5M technology-transfer milestone, which may become payable earlier.

• KIO-301 ABACUS-2 topline data remain on track for end-2027; the study is enrolling and dosing patients in the 100 mg cohort.

• KLARITY enrollee data are planned, followed by evaluation of KIO-104 partnering or out-licensing opportunities.