Kiora Advances Two Phase II Trials, Secures $110M Asia Option and $17.1M Cash
Kiora ended 2025 with $17.1M cash and $3.5M in receivables, securing funding into late 2027 beyond expected Phase II data readouts. The company dosed patients in two Phase II trials—ABACUS-2 for KIO-301 in retinitis pigmentosa and KLARITY for KIO-104 in macular edema—and struck a $110M Asia option deal.
1. Pipeline Milestones
Kiora transitioned both lead programs from preparation to execution in Q4 2025. The 36-patient ABACUS-2 trial for KIO-301 in advanced retinitis pigmentosa has dosed its first cohort and cleared a safety checkpoint to proceed to 100µg, with initial data anticipated in Q3 2027, while the KLARITY trial for KIO-104 in macular edema has begun dosing and passed its early safety review.
2. Strategic Partnerships
The company strengthened its commercial network by granting Senju Pharmaceutical Co. Ltd. an option on KIO-301 in key Asian markets, with potential deal value up to $110M plus royalties. Kiora also received $1.8M in reimbursable R&D expenses from Laboratoires Théa in Q4, contributing to $7.1M of total collaboration receivables in 2025.
3. Financial Position and Runway
Kiora closed the year with $17.1M in cash and equivalents and $3.5M in receivables, including collaboration, tax and research credits. Net cash used in operating activities was $2.2M in Q4 and $10.0M for 2025, providing a projected cash runway into late 2027, beyond both Phase II topline data readouts.
4. Expenses and Profitability
R&D expenses rose to $2.9M in Q4 (before $1.8M reimbursements) and $10.8M for 2025 (before $7.1M reimbursements) due to increased clinical activity. G&A expenses were $1.5M in Q4 and $5.8M for the year. The net loss widened to $6.5M in Q4 and $10.8M for 2025, driven by higher expenses and a non-cash impairment charge on KIO-104 that did not affect development timelines.