Kiora Pharmaceuticals, Inc. reported a significant financial turnaround in its 2024 fiscal year, achieving a net income of approximately $3.6 million compared to a net loss of $12.5 million in 2023. This shift was primarily driven by $16 million in collaboration revenue from a strategic agreement with Théa Open Innovation (TOI) for the development and commercialization of KIO-301, a potential treatment for retinitis pigmentosa. The company also recognized $20,000 in grant revenue, marking a total revenue of $16.02 million for the year, a notable increase from zero revenue in the previous year.
Operating expenses for Kiora increased to $11.51 million in 2024, up from $12.59 million in 2023, reflecting a rise in research and development costs associated with ongoing clinical trials for KIO-301 and KIO-104. The company reported a $3.8 million increase in research and development expenses, primarily due to heightened spending on clinical activities. General and administrative expenses also rose, driven by increased personnel costs and professional fees. The company recorded an impairment of $2 million related to in-process research and development, specifically for KIO-201, which the company has decided to cease further development.
Kiora's operational metrics indicate a strategic focus on advancing its product pipeline, particularly KIO-301 and KIO-104. The company is preparing to initiate a Phase 2 clinical trial for KIO-301, with patient enrollment expected to begin in the first half of 2025. KIO-301 has received orphan drug designation from both the FDA and the European Medicines Agency, enhancing its market potential. The company also plans to commence a Phase 2 trial for KIO-104, aimed at treating retinal inflammation.
As of December 31, 2024, Kiora reported cash and cash equivalents of $3.8 million and short-term investments of $23 million, providing a total liquidity of $26.8 million. This financial position is expected to support operations into 2027, although the company anticipates needing additional funding to continue its clinical development efforts. Kiora's management has indicated that future financing may come from equity offerings, collaborations, or other strategic partnerships, as the company continues to navigate the complexities of drug development and commercialization in the competitive pharmaceutical landscape.
About KIORA PHARMACEUTICALS INC
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